Singapore Boosts Taxes for Revenue

The video discusses Singapore's budget changes, including a GST hike from 7% to 9% between 2021 and 2025, and new taxes on imported services and residential properties. It highlights the country's reliance on investment returns and the need for alternative revenue sources due to rising expenses in healthcare, infrastructure, and education. The introduction of a carbon tax aims to improve energy efficiency and reduce greenhouse gas emissions, affecting large industrial facilities. These measures are part of Singapore's strategy to manage an aging population and economic challenges.

What is the expected range for the GST increase in Singapore between 2021 and 2025?

• 11% to 13%

• 9% to 11%

• 7% to 9%

• 5% to 7%

Which new tax was introduced on imported services in Singapore?

• Income tax

• Property tax

• Service tax

• Stamp duty

What is one of the main reasons for the financial strain anticipated in Singapore's budget?

• Decreased tourism

• Rising unemployment

• Increased healthcare expenditure

• Lower investment returns

What is the initial rate of the carbon tax introduced in Singapore?

• 10 Singapore dollars per ton

• 20 Singapore dollars per ton

• 5 Singapore dollars per ton

• 15 Singapore dollars per ton

Which sector is expected to contribute the most to the carbon tax revenue in Singapore?

• Industrial facilities

• Transportation

• Retail

• Agriculture