Budget 2022 debate: Jamus Lim on raising GST
Singapore runs the risk of “shooting (itself) in the foot and scoring an own goal” if it raises the Goods and Services Tax (GST) amid a nascent economic recovery from the COVID-19 pandemic, said MP Jamus Lim in Parliament on Monday (Feb 28). Assoc Prof Lim elaborated on why the economic situation is not all rosy and said the GST hike is particularly ill-timed as it could stoke already elevated inflation. He also questioned if GST is the ideal instrument to meet growing Government spending needs and laid out possible alternatives involving adjustments to existing levers.
Singapore runs the risk of “shooting (itself) in the foot and scoring an own goal” if it raises the Goods and Services Tax (GST) amid a nascent economic recovery from the COVID-19 pandemic, said MP Jamus Lim in Parliament on Monday (Feb 28). Assoc Prof Lim elaborated on why the economic situation is not all rosy and said the GST hike is particularly ill-timed as it could stoke already elevated inflation. He also questioned if GST is the ideal instrument to meet growing Government spending needs and laid out possible alternatives involving adjustments to existing levers.
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