| Associated
Press November 13, 2006 SINGAPORE SINGAPORE'S goods and services tax will be increased by 2 percentage points 7 percent to finance social programs and help people with low incomes, local media cited the prime minister as saying Monday, Nov 13. Lee Hsien Loong told Parliament that the GST will be raised from 5 percent to 7 percent, Channel NewsAsia reported. The details of the tax changes will be announced in the budget in February. Lee said the GST report would come with a package weighted in favor of lower income Singaporeans. "When we implement the GST increase, it's not a GST increase, it's a package which will fully offset the impact of GST for these groups and begin to strengthen the safety nets and tilt the balance in favor of the lower income Singaporeans," said Lee, according to radio station 938Live. Lee also said income tax rates could be lowered in future, 938Live reported. The radio station also reported that Lee said Singapore's constitution will be changed to allow the government to tap capital gains on state reserves. |
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