Dear readers, today is the much-anticipated Singapore Budget 2022 day where Finance Minister Mr Lawrence Wong will announce the widely anticipated Singapore Budget for Financial Year 2022!
Singapore Budget 2022 is widely expected since this Budget is likely to contain some details of the next GST hike for Singapore. I believe public sentiments on Budget 2022 before the Budget announcement will be different from other previous budgets since many looked at announcements of previous budgets with a view to receiving some bonuses (or Hong Baos as many of the Singapore’s announcements of previous budgets were made in the month of the Chinese Lunar New Year). So, with the expected announcement of GST hike in the Budget 2022 announcement, will there still be some Hong Baos for Singaporeans in Budget 2022?
I would think yes, there will still be some Hong Baos if we are to think of them as the incentives that the Government has planned in terms of some incentives for Singaporeans to offset the projected GST hike for Singaporeans.
Singapore Budget 2022 will be one of the few Singapore Budgets that will affect my own budget since my budget is mainly about Money Inflow and Money Outflow and GST increase will definitely increase my Money Outflow on a steady state basis notwithstanding short-term incentives, if any to offset the effect of the GST hike.
However, I would think if I continue to spend prudently, spend less on wants, and working toward to increase money inflow, GST increase could still be manageable.
That’s it for my insights today. I Thank you once again for your support of SG STOCKS INVESTING, your Money and Lifestyle magazine! Connect with me here to follow the daily exciting and useful posts on these two blogs, Thank You for your support!
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