18-08-2023, 01:47 PM
In the absence of reserves, Singapore would have to double its Corporate Income Tax or more than double its income taxes or GST, which PM Lee estimated to be at least 10 percentage points more — not nine per cent, introduced next year, but 19 per cent (comparable to the VAT rates in Europe, for example).
Singapore Reserves Revealed interview with PM Lee: “Without them, GST would have to be 19%” (msn.com)
Singapore Reserves Revealed interview with PM Lee: “Without them, GST would have to be 19%” (msn.com)