Though earmarked for the future, the goods and services tax (GST) rate increase outlined in the Budget has already raised a number of understandable concerns among MPs. However, the rationale for the tax on consumption, introduced here in 1994, is generally accepted.
GST is strongly backed by the International Monetary Fund and the World Bank for being an efficient tax tool with a direct impact on "fiscal mobilisation, macroeconomic stability, and development". Consequently, it's the globe's most widespread general consumption tax.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you