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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