SINGAPORE – Five companies are said to have used the GST increase as an excuse to raise the prices of essential goods and services, Trade and Industry Minister Gan Kim Yong said.
In a written response to a parliamentary question on Tuesday August 2, Gan said the Committee Against Profit (CAP) – whose role is to review and investigate comments on these unwarranted price increases – has received and reviewed approximately 100 comments submitted between April and July 2022. Of these, five related to specific allegations of GST misrepresentation.
“CAP provided prompt follow-up, particularly for the five cases, in collaboration with partner agencies and organizations including the Competition and Consumer Commission of Singapore (CCCS), Consumers Association of Singapore (CASE) and People’s Association (PA). The companies are committed to being transparent about their pricing and in their communications with consumers,” Gan said. “There have been no repeat complaints so far.”
As part of its role, the PAC can publicize errant companies seeking to profit by citing the GST hike as justification.