Singapore's government hinted at the weekend that it may be prepared to delay its planned GST increase as the country's economy appears to be slowing down.
The consumption tax was set to be increased from 3% to 5% in January 2003. However, Prime Minister, Goh Chok Tung revealed on Sunday that the government will now decide within the next two weeks whether to go ahead with the tax hike as planned, phase it in over several years, or postpone its introduction.
Observers have suggested that a phased introduction is more likely, and that the broad-based tax will be probably be increased by 1% in 2003, and 1% 2004.
However, according to international news provider, Dow Jones Newswires, even if the GST increase goes ahead in its original form in January the government could still face its second consecutive budget deficit.
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