Yeo Wan Ling on Goods and Services Tax (Amendment) Bill
The imposition of GST on imported low-value goods could benefit many local businesses in Singapore but not, perhaps, “the most local of all our businesses” - those that are home-based, said MP Yeo Wan Ling. Giving the example of a home bakery, she said such businesses might in fact suffer a big dent in profit margins if they source mainly from overseas. They may also not benefit from demand being channelled to the local economy if they continue to prioritise quality and craft over price. In Parliament on Tuesday (Nov 2), Ms Yeo also called for more measures to not just prop up retail businesses in the short term, but revitalise and elevate the overall retail experience in Singapore.
The imposition of GST on imported low-value goods could benefit many local businesses in Singapore but not, perhaps, “the most local of all our businesses” - those that are home-based, said MP Yeo Wan Ling. Giving the example of a home bakery, she said such businesses might in fact suffer a big dent in profit margins if they source mainly from overseas. They may also not benefit from demand being channelled to the local economy if they continue to prioritise quality and craft over price. In Parliament on Tuesday (Nov 2), Ms Yeo also called for more measures to not just prop up retail businesses in the short term, but revitalise and elevate the overall retail experience in Singapore.
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