TB05 MAEC Project (Singapore) by Jayden Lam https://padlet.com/jaydenlamkh/nn6ft3ugjw32 en-us 2018-05-14 11:30:05 UTC 2026-01-07 01:50:14 UTC hello@padlet.com Singapore's GDP growth rate increased to 4.3 in 1st quarter of 2018 jaydenlamkh https://padlet.com/jaydenlamkh/nn6ft3ugjw32/wish/260424462 Singapore's GDP growth rate has increased from 3.6 to 4.3 percent in the first quarter of 2018. This is the second highest growth rate in the past 13 quarters. This is due to the increased rate of manufacturing and wholesale & retail trade. The manufacturing output grew at an outstanding rate of 10.1 percent. Though the total growth rate was pulled down by the 4.4 percent of shrinking of the constuction output]]> 2018-05-14 12:08:37 UTC https://padlet.com/jaydenlamkh/nn6ft3ugjw32/wish/260424462 Singapore's unemployment rate decreased to 2% in the first 3 months of 2018 https://padlet.com/jaydenlamkh/nn6ft3ugjw32/wish/260742789 Singapore's unemployment rate has decreased from 2.1% to 2.0% in the first 3 months of 2018. This is the lowest rate unemployment rate since March 2016. This is because more jobs were created the sectors community, social and personal services, financial and insurance, information and communications; and transportation and storage. The number of retrenchments in 1Q 2018 (2,100) was  lower than both the preceding quarter (3,680) and the same period a year ago (4,000). Retrenchments declined over the quarter in manufacturing, construction and services.]]> 2018-05-15 07:33:45 UTC https://padlet.com/jaydenlamkh/nn6ft3ugjw32/wish/260742789 Singapore inflation falls to 0% in January s10184840 https://padlet.com/jaydenlamkh/nn6ft3ugjw32/wish/260745622 Singapore's inflation rate  fell from 0% in January in 2018 from 0.4% in December 2017 according to the Monetary Authority of Singapore(MAS) and Ministry of Trade and Industry(MTI) on February 23, 2018. The Consumer Price Index (CPI)'s year-on-year drop to 0 per cent in January was largely due to lower accommodation which fell by 5.3%, in January 2018 being 1.5% more than the preceding month, and private road transport inflation was moderated to 1.6 per cent in January from 2.6 per cent in the previous month, due to lower car prices and a decline in Certificate of Entitlement (COE) premiums , said MAS and MTI. On the other hand,Singapore's core inflation nudged up to 1.4 per cent from 1.3 per cent the previous month. Due to the changes in prices for raw ingredients, the food inflation decreased from 1.4% in December 2017 to 1.1% in January 2018. However,there isn't an inflation in the service industry.]]> 2018-05-15 07:44:23 UTC https://padlet.com/jaydenlamkh/nn6ft3ugjw32/wish/260745622 Singapore's GST to increase from 7% to 9%. https://padlet.com/jaydenlamkh/nn6ft3ugjw32/wish/261147227 As Singapore’s population ages and social spending needs surge, economists have predicted that an increase in GST is inevitable. From the first time since 2007, Singapore would be projected to increase their GST. 

The GST will be increased progressively from 7% to 9% over the period of 2021 to 2025. The exact timing will depend on the state of the economy, how much our expenditures grow, and how buoyant our existing taxes are. This increase is necessary because even after exploring various options to manage our future expenditures through prudent spending, saving and borrowing for infrastructure, there is still a gap. 

Also, Singapore;s GST Voucher scheme would be enhanced to help Singaporeans cope with the hike - with a S$2 billion top-up to the GSTV Fund. Currently, about $800 million is disbursed every year. There will an offset package implemented during the initial phase of the hike to help Singaporeans adjust, with lower and middle-income households getting more support, Mr Heng said.

There will also be a New e-tax on digital services. GST will be implemented on imported services bought from suppliers based overseas from Jan 1, 2020. This e-tax will only affect B2B services, such as marketing and IT services, and B2C services, such as apps and video and music streaming.B2C imported services will come under an overseas vendor registration model, which will require e-tax to be paid by overseas vendors whose annual global turnover exceeds $1 million and who make more than $100,000 in the sale of digital services to consumers in Singapore. This means app stores without a Singapore office will have to register with Iras and collect GST on their services.
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