Singapore’s Minister for Finance, Tharman Shanmugaratnam, has confirmed that goods and services tax (GST) will not be increased for at least five years.
Earlier this year, in the parliamentary debate on the 2011 Budget, the Finance Minister had had to confirm that the government had no intention of cutting the rate of GST from 7% to 5% to reduce the effects of inflation on the cost of living in Singapore. He has now found himself also having to counter speculation, and also confirm the opposite. Full story
