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The government of Singapore has cancelled the VAT increase due to the outbreak of coronavirus

The government of Singapore has cancelled the VAT increase due to the outbreak of coronavirus

Some sectors of the economy will receive tax benefits in connection with the losses from the epidemic
Подтверждено
Источник: https://tass.ru/ekonomika/7783867
The Singapore government has postponed plans to raise value-added tax (VAT) next year in connection with the economic consequences of the epidemic of the coronavirus. This was announced on Tuesday Vice-Premier, Finance Minister Heng Swee kit, presenting in Parliament the draft budget for 2020.
"After evaluating the income and expenditures of the state, given the current state of the economy, it was decided to cancel the increase to 9% tax next year", - said the Deputy head of the government. In his words, "VAT remains at 7%".
Vice Prime Minister also said that "several sectors will receive tax benefits in connection with the losses from the epidemic of the coronavirus". In particular, "Changi airport offers a 15 percent discount on the tax on real estate, hotels and 30 percent," said Heng Swee kit.