In its recently released bi-annual review, Singapore's Monetary Authority (MAS) suggested that the government's tax reform plans could prove to be a double edged sword in terms of the country's economy.
In a move to boost international competitiveness, Singapore's authorities plan to cut personal and corporate tax levels, a move which the MAS has predicted could boost GDP by around 0.8% in 2004, and 1.2% in the three years which follow.
However, a parallel plan to increase consumption taxes in order to refill the government's coffers could push inflation up to 2% this year, according to the Monetary Authority review.
The MAS has predicted that the Singapore's economy should return to its pre-recession level by the fourth quarter of this year. However, reports have suggested that the country's property, financial, and construction services are likely to remain weak.
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