Upcoming GST hike seen as key to improving fiscal sustainability
Such an increase will provide a more 'stable' source of revenue than a lift in other taxes: KPMG's tax partner
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Singapore
AT least 3 forms of taxes could come under focus at Singapore's upcoming Budget 2022, as the government is likely to make fiscal sustainability a top priority after it spent the last 2 years containing the economic fallout from Covid-19, watchers said.
"With a budget deficit of S$64.9 billion or 13.9 per cent of GDP (gross domestic product) for FY2020 and rising recurrent spending needs on healthcare and social support, increasing revenue to balance the budget is inevitably the top of the government's priority list," said Low Hwee Chua, tax and legal leader at Deloitte Singapore.
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