Singaporeans hit the shops on sensible procuring spree
SINGAPORE, Dec 28 (Reuters) – Singaporean Soif Noor has already purchased furnishings and home equipment for his new house, 4 months earlier than he can transfer in. Like many residents, he is been on a spree – as a result of on Jan. 1 Singapore’s gross sales tax goes up for the primary time in 15 years.
From subsequent yr, the gross sales tax on the whole lot from groceries to diamond rings goes from 7% to eight%. Barring a pointy international financial downturn subsequent yr, it should then rise to 9% in 2024 as town state of 5.6 million individuals raises income to help its getting old inhabitants.
Total, economists say the affect of the one share level tax hike could also be muted, with a shopper spending surge earlier than the rise more likely to be offset by a drop afterwards. However for residents like Soif, it is
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