Less than a quarter of these companies reported having started implementing measures to mitigate the GST increase, such as investing in technology, raising productivity, and moving up the value chain.
SINGAPORE (Jan 7): Only four in 10 small- and medium-sized enterprises (SMEs) in Singapore have made plans to manage a planned increase in goods and services tax (GST) to 9%, according to a survey by United Overseas Bank (UOB).
In addition, the survey found that small businesses with less than $20 million in revenue were less prepared for the GST increase.
