Singapore’s GST regime has been in the limelight in recent years. In 2018, Finance Minister Heng Sweet Keat first announced plans to increase the country's GST rate from 7% to 9%, with the hike occurring between 2021 and 2025. In line with announcements during the Unity Budget last year, the Finance Minister confirmed in this year's Budget that the GST rate would remain unchanged in 2021 but cautioned that Singapore "will not be able to put off the increase for too long".

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