Explaining in an X video the reason for the GST hikes, PM Wong reiterated what he had said during his speech during the Singapore Budget 2025 discussion in parliament — global events were driving up costs in the small and open economy of Singapore even before the GST rate hike, so the tax alone did not cause a spike in the cost of living.
Tag: Singapore Budget
“Where is the turbo-charging?” asks PM Wong in response to Pritam Singh in Singapore Budget 2025 debate
PM Wong cited some Consumer Price Index (CPI) figures between 2022 and 2024. He illustrated that even as GST was increased by 1 percentage point each in January 2023 and January 2024, the CPI inflation in Singapore went down from 6.1 per cent in 2022 to 4.8 per cent in 2023 and 2.4 per cent in 2024.
Pritam Singh states “poor fiscal marksmanship”, GST hikes fanned “flames of inflation” in Singapore
Speaking in Parliament on February 26, addressing the Singapore Budget 2025 presented by Prime Minister and Finance Lawrence Wong last week, Pritam Singh criticised the Singapore Government’s decision to raise the Goods and Services Tax (GST) in 2023 and 2024, stating that these moves had fanned the “flames of inflation”. The country’s “exceedingly healthy fiscal position” made the GST hikes unnecessary, he said.
Innovation in technology gets pride of place in Singapore Budget 2025, driving SG60 economic growth
The Singapore Budget 2025, presented by Prime Minister and Finance Minister Lawrence Wong, has put a particular emphasis on certain economic areas as being the drivers of SG60 growth. One of them is research and development (R&D) to promote innovation in technology.
MAS recorded largest net loss of SGD 30.8 billion in 2022-23: Ravi Menon
Indian-origin Managing Director of the Monetary Authority of Singapore (MAS) Ravi Menon said the city-state’s central bank has recorded its largest net loss of SGD 30.8 billion (USD 22.8 billion) in 2022-2023.
India, Singapore link digital payments for cross-border deals
In what is a first-of-its-kind collaboration with another country, India and Singapore yesterday linked their respective online payments systems – Unified Payments Interface (UPI) of India and PayNow of Singapore – for seamless cross-border transactions between the two countries.
Singapore’s GDP to grow 4℅ to 6℅ this year despite uncertain global outlook: Finance Minister Lawrence Wong
Singapore Minister Lawrence Wong said that with uncertainty looming large over global economy outlook, continue to expect Singapore’s GDP growth at least 4 per cent to 6 per cent this year.
1.4 million Singaporeans, 950,000 HDB Households to receive SGD 1.3 billion in GST Vouchers in 2021
Singaporeans will receive GST Voucher – Cash Special Payment and GSTV – U-Save Special Payment are part of the SGD 900 million Household Support Package announced at Budget 2021.
UK-Singapore post-Brexit Free Trade Agreement launched
The new UK-Singapore Free Trade Agreement (UKSFTA) has been entered into force on February 11, an announcement read.
Singapore economy shrinks by record 5.8 % in COVID-hit 2020: MTI report
Singapore’s economy contracted a record 5.8 per cent in a pandemic-hit 2020, according to statistics from the Singapore Ministry of Trade and Industry.
