PM Lee Hsien Loong warns taxes will rise if social spending increases. 9% GST coming?



BusinessWeek, 26 Aug 2012

Singapore will need to raise taxes in the next two decades as the government boosts social spending to support an aging population, Prime Minister Lee Hsien Loong said as he proposed measures to boost the country’s birth rate.
“With a shrinking working population, an inadequate birth rate and a higher dependency ratio, there is an inevitability that taxes will have to be raised,” said Vishnu Varathan, a Singapore-based economist at Mizuho Corporate Bank Ltd. “I don’t think anything will change in our tax policy to make us less competitive in the next five to 10 years, but the prime minister is talking about something much further out.” Full story

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