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Singapore is scheduled to increase the sales tax rate on January 1 next year. In order to save a fortune before the price increase caused by the tax adjustment, many local people have been shopping enthusiastically recently, and the sales of retailers have risen sharply. From January 1, 2023, the sales tax rate of many commodities in Singapore will be increased from 7% to 8%, affecting daily necessities, furniture, electrical appliances and other commodities. It is expected that in 2024, the relevant tax rate will be further increased to 9%. This is the first time in 15 years that Singapore has raised the sales tax rate. The main purpose is to increase revenue and reduce the financial pressure brought about by the aging population. Singapore’s government estimates that by 2030, people aged 65 and over will account for a quarter of the total population. (CCTV News)
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