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Singapore’s impending GST hike to have “minimal impact” on HNWIs’ spending appetite

An impending 2% increase in Singapore’s Goods & Services Tax (GST) “sometime between 2022 to 2025” will not have any significant impact on HNWIs and UHNWIs’ spending, according to tax lawyers, allaying concerns about the potential for “tax leakage”. The news of an incoming GST hike was announced earlier this week as the Lion City’s finance minister Heng Swee Keat…

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