FACED with Singapore's growing expenditures in healthcare, security and other forms of social spending, the government had announced during Budget 2018 that it plans to raise the Goods and Services Tax (GST) by two percentage points from 7 per cent to 9 per cent, sometime between 2021 and 2025. This is expected to raise additional revenues amounting to almost 0.7 per cent of Singapore's gross domestic product per year.
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