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Plan for GST hike between 2022 and 2025 unchanged: Lawrence Wong (Straits Times)

Speaking during the debate on the Income Tax (Amendment) Bill, he also stressed that the Government continues to “consider all options” to address income and wealth inequalities and support small and medium-sized enterprises (SMEs).

The minister reiterated the need to raise the Government’s recurring revenues given that recurrent expenditures will continue to go up due to factors such as healthcare and social spending, adding that there is “no avoiding this”.

The planned GST hike from 7 per cent to 9 per cent was announced in Budget 2018, and a $6 billion Assurance Package was announced in Budget 2020 to help cushion the impact of the hike, with more help directed at lower-income households.