Home Capital Budget 2022

Delay in GST hike a short boost for retail REITs

Samantha Chiew
Samantha Chiew2/21/2022 11:35 AM GMT+08  • 3 min read
Delay in GST hike a short boost for retail REITs
Shopping sentiment expected to increase this year as the government delays GST hike for another year.
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Singapore REITs (S-REITs) with retail exposure are expected to see a short boost this year, thanks to the government announcing a delay in the goods and services tax (GST) hike.

In its latest Budget 2022 announcement on Feb 18, finance minister Lawrence Wong announced a happy surprise for Singaporeans. The inevitable increase in GST will once again be delayed. The current GST rate of 7% will increase to 8% from Jan 1, 2023 and again to 9% from Jan 1, 2024.

The government first mentioned to increase GST during Budget 2018, but this move has been delayed several times due to the Covid-19 pandemic. This will be the first time in 15 years that Singapore raises its GST.

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