Singapore News

News from Singapore

Government earns an extra $990 million from tax hike

Posted by jtsmyth8 on January 22, 2008

Government earned an extra $990 million last year from the two-percentage point hike in Goods and Services tax.The bulk, $540 million, came from local consumer spending, while the remainder was from foreigners.

A large portion of the collection went back to Singaporeans.

They received a total of $630 million in cash, to offset the GST increase to 7 per cent in July 2007.With other measures like utility rebates, to help people adjust to paying more GST, the Government will spend $1.17 billion by the end of fiscal year 2007 on Mar 31 this year. (story)

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