SINGAPORE - There will be no need for further increases in goods and services tax (GST) up to 2030, Deputy Prime Minister and Finance Minister Lawrence Wong said on Feb 28.

Wrapping up the debate on his Budget statement in Parliament, he said: "As of now up to 2030, we are in a sound position."

He was responding to a question by Progress Singapore Party Non-Constituency MP Hazel Poa, who asked if there would be a need to raise GST from now until 2030.

To this, DPM Wong said the 2 percentage point GST hike – from 7 per cent to 8 per cent on Jan 1, 2023, and to 9 per cent on Jan 1, 2024 – is meant to close the gap between revenue and expenditure until 2030.

"We have closed the funding gap up to 2030. The GST increase that we announced was intended for this, so we are okay up to 2030. We do not need further GST increases up to 2030," he said.

He added: "So, post-2030, we will have to see what the picture is.

"And beyond that, we will have to see if indeed there is a funding gap, if there are increased expenditures, and whether or not additional revenues or tax changes are needed to close those funding gaps."

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I'm sure GST will increase again almost immediately after the next general election due by 23 November 2025 – the PAP is not to be trusted.