GST Standard Rates May Not Be Merged Any Time Soon

摘要

The Revenue Department does not think it would be appropriate even in the near future to merge the two standard rates of Goods & Services Tax (GST) into one rate.The existing GST regime has multiple rates: 0, 0.25, 1, 3, 5, 12, 18 and 28 per cent. The 12 per cent and 18 per cent rates are known as 'Standard Rates.'There has been talk of merging the two rates and having one standard rate of 15 per cent to simplify the GST structure.Also, it will help blunt the criticism of there being too many rates. (0.25, 1 and 3 are special rates. The 0.25 per cent rate is for uncut diamonds; 1 per cent is for affordable housing and 3 per cent for gold and silver.)