The government of Singapore has cancelled the VAT increase due to the outbreak of coronavirus.
Deputy Prime Minister of Singapore also reported that some sectors of the economy will receive tax benefits in connection with the losses from the epidemic.
SINGAPORE, February 18. /TASS/. The Singapore government has postponed plans to raise value-added tax (VAT) next year in connection with the economic consequences of the epidemic of the coronavirus. This was announced on Tuesday Vice-Premier, Finance Minister Heng Swee kit, presenting in Parliament the draft budget for 2020.
“After evaluating the income and expenditures of the state, given the current state of the economy, it was decided to cancel the increase to 9% tax next year”, – said the Deputy head of the government. In his words, “VAT remains at 7%”.
Vice Prime Minister also said that “several sectors will receive tax benefits in connection with the losses from the epidemic of the coronavirus”. In particular, “Changi airport offers a 15 percent discount on the tax on real estate, hotels and 30 percent,” said Heng Swee kit.
The outbreak of the novel coronavirus (2019-nCoV) was recorded in a large Chinese city of Wuhan at the end of December 2019. The world health organization recognized it as an emergency situation on an international scale, describing as an epidemic, with many lesions. Outside China, cases of infection were identified in 25 countries, including Russia. According to the latest data, the number of deaths in China is close to 1.9 thousand, recovered over 12.5 thousand, the number of infected exceeded 72,4 thousand persons.
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