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Budget 2025 testing - 22 January
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SINGAPORE: Finance Minister Lawrence Wong delivered his Budget 2022 statement in Parliament on Friday (Feb 18).
He announced that the planned GST hike will take place next year and go up to 8 per cent, before rising to 9 per cent in 2024.
There will also be higher taxes for top tier earners, high-end properties and luxury cars.
A S$560 million Household Support Package to help Singaporeans with living expenses was unveiled, as were changes to foreign worker policies.
Singapore will also progressively raise carbon tax to reach its net zero target "by or around mid-century".
Source: CNA
