“The 90s, when you could throw money into a savings account and get 3.5% interest”: Singaporeans nostalgic after netizen shares old publication clipping

SINGAPORE: Singaporeans have been overcome by a feeling of intense nostalgia after a netizen shared a publication clipping allegedly from the 90s, when there appeared to be no sales tax yet in the country.

An online user took to Reddit Singapore on Wednesday morning (Man 10) to share a section of a publication clipping that discussed the economic state of Singapore at a certain time in the past. “Compared with other world capitals, Singapore is still inexpensive,” the section read. “However, prices have risen consistently over the last five years…prices continue to rise, and we expect that all hotels will again increase their tariffs by 10 to 15 per cent in 1993. You can keep costs down by eating at the inexpensive but hygienic hawker food centers…”

The next sub-section, however, was what appeared to draw the most attention from Singaporean readers–the taxes heading.

“There is no sales tax in Singapore,” the text read. “A 4% government tax is added to restaurant and hotel bills; sometimes a 10% service charge is added as well.” The section also discussed an airport departure tax.

The page ended with examples of the prices of certain food and beverages as well as hotel room costs.

In response to the post, some netizens pointed out the fine print, saying it was written before the GST appeared.

Many others were amazed at the stark difference between the costs in Singapore back in the 90s and the present. “I remember the grumbling when 3% GST was announced… I think the elections got very dicey,” wrote one.

Another said “The 90s, when you could throw money into a savings account and get 3.5% interest.”

Throwback to when GST was 4% 🥲
by u/AdorableWrongdoerr in singapore