singapores government will raise taxes including property taxes and income taxes for certain salary tiers as the country aims to build enough revenue to meet its growing demand for health care and other essential services we will need to generate more revenue finance minister lawrence wong said friday while presenting the annual budget mr wong said the governments expenditure is expected to reach 20 of the gross domestic product by 2030 while revenue wont be enough to cover these expenses citing an ageing population the minister said healthcare costs are likely to increase and therefore there was need to enhance taxes among the proposals the tax rate for nonowner occupied residential properties will be increased to 1236 from the current 1020 tax rates on owneroccupied residential properties for the portion of annual value over s30000 will be increased to between 632 from the current 416 the implementation of an increase in the goods and services tax has been delayed by a year to 2023 the gst will increase to 8 from jan 1 2023 and to 9 in 2024 currently the government levies gst of 7 mr wong said he expects to see a steady economic recovery but added there are still global vulnerabilities including supplychain disruptions the budget provides support to sectors that are still affected by the coronavirus pandemic such as small and medium businesses and the aviation sector like many countries singapores economy had been hit hard by the pandemic as worldwide travel curbs hobbled key sectors like aviation and hospitality the country had to dip into its reserves to announce various stimulus packages worth as much as s100 billion to support its citizens and businesses the countrys economy is slowly recovering as pandemic curbs are being gradually eased according to latest data singapores economy in 2021 grew 76 compared with a 41 contraction the previous year for this year the government expects the economy to grow between 30 and 50