According to recent reports, Singapore's Deputy Prime Minister, Heng Swee Keat, has announced that the government is planning to include measures for an increase in the GST rate as part of the 2020 Budget. Although the implementation date is not yet finalized, the GST rate will be increased from 7% to 9% between 2021 and 2025. To offset the negative impact, a GST support package will also be introduced as part of the Budget that will include a permanent GST voucher scheme providing discounts on certain goods for lower-income individuals.
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