Singapore braces for tax hikes, likely in the form of higher GST

(Nov 22): Singapore will ensure its tax system is based on “solid” economic performance and the principle that higher income earners pay more, a senior government official said, after the prime minister signalled that the nation needs to prepare for tax increases.

“It must be all based on solid economic activity,” Indranee Rajah, senior minister of state for law and finance, said in an interview on Tuesday. She assessed that Singapore’s economy is "absolutely" in such a state now.

Singapore’s growth probably reached an almost four-year high of 5% in the third quarter, according to a Bloomberg survey ahead of a report due Thursday. Prime Minister Lee Hsien Loong said this week that 2017 growth could exceed 3%, higher than previously projected.

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