On Tuesday, Feb 16, a Budget 2021 speech by Deputy Prime Minister was being held. An increase in Goods and Service Tax (GST) will take place from 2022 to 2025. Depending on the economic situation now happening “sooner rather than later” Deputy PM said.
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Without the increase of GST, the rising recurrent need will not be able to be met especially in healthcare.
An overall Budget loss of $64.9 billion, 13.9% of gross domestic product for 2020. It was the biggest loss since Singapore’s independence, said, Deputy PM.
A total of $11 billion in insufficiencies is expected in the year 2021.