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Budget 2023: Bulk of revenue hike comes from higher GST collection
Tax collection will grow 1%.
Standard Chartered Bank said it is seeing an increase of revenue for Singapore in fiscal year 2023, with the higher GST collection accounting for most of the growth.
Starting January 1, a 1% rate hike for GST will be imposed along with personal and corporate income taxes as stated from the budget.
There were also adjustments for the tax system, with higher stamp duty rates for high-value properties, increased vehicle tax rates for luxury cars, and a 15% increase in tobacco excise duty.
These changes will generate additional revenue but may dampen demand and soften headline inflation.
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