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Singaporeans hit malls before sales tax hike

  • Sun Online Desk
  • 29th December, 2022 03:47:09 PM
  • Print news
Singaporeans hit malls before sales tax hike

Singapore's sales tax will go up for the first time in 15 years. From 2023, the sales tax from groceries to diamond rings will go from 7% to 8%.

Singaporean Soif Noor has already bought furniture and appliances for his new home, four months before he can move in. Like many residents, he's been on a spree - because on January 1 Singapore's sales tax goes up for the first time in 15 years, India Today reported.

Barring a sharp global economic downturn next year, it will then rise to 9% in 2024 as the city state of 5.6 million people raises revenue to support its ageing population.

Singapore's move to forge ahead with the tax increase comes even as some countries, like Thailand and Italy, approve consumption tax breaks to help citizens cope with the rising cost of living crisis.