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5 Singapore businesses tried to profiteer using GST rise as excuse: Gan Kim Yong

Esther Au Yong
·Finance Editor
Updated ·1-min read
Image showing Merlion and CBD buildings, with circular inset of Singapore money superimposed with graph of arrow going up. (PHOTO: Getty Images)
Five businesses were alleged to have used the GST increase as an excuse to increase the prices of essential products and services. (PHOTO: Getty Images)

SINGAPORE – Five businesses were alleged to have used the GST increase as an excuse to increase the prices of essential products and services, said Minister for Trade and Industry Gan Kim Yong.

In a written reply to a parliamentary question on Tuesday (2 August), Gan said that the Committee Against Profiteering (CAP) – whose role is to review and investigate feedback on such unjustified increases in prices – has received and reviewed about 100 feedback submissions between April and July 2022. Of them, five involved specific allegations of GST misrepresentation.

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"The CAP followed up swiftly, especially for the five cases, working with partner agencies and organisations including the Competition and Consumer Commission of Singapore (CCCS), the Consumers Association of Singapore (CASE) and the People's Association (PA). The businesses committed to be transparent on their pricing and in their communications with consumers," Gan said. "There have so far been no repeat complaints."

As part of its role, the CAP may make public errant businesses that seek to profiteer by using the rise in GST as a reason.

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