December 28, 2002 - Singapore Press Holdings Limited (SPH) will absorb the Goods and Services Tax (GST) hike of one per cent for its suite of newspapers and magazines. The cover price of its publications will therefore remain unchanged from January 1, 2003.
Mr Chew Keng Juea, SPH’s Senior Executive Vice President, Newspaper Services and Chinese Newspapers, said, "We hope to continue absorbing the GST of our publications for as long as possible. This is the least we can do for our readers during these difficult times."
Since the three per cent GST was first introduced on April 1, 1994, SPH has been absorbing the GST on the cover price of its newspapers and magazines. For the financial year 2002, this amounted to about $5.4million. The additional cost to SPH of absorbing the one per cent GST hike is estimated at $1.8million a year.
Advertisers will have to pay the extra one per cent for GST when they advertise in all SPH publications.
Issued by the Singapore Press Holdings Limited.
For more information, please contact:
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Main board listed Singapore Press Holdings Limited is the leading news and information provider, offering quality content for print, internet, TV and radio. It is licensed to publish 15 newspapers in the four official languages and six lifestyle periodicals. Everyday, 2.78 million individuals, or 90 per cent of people above 15 years old, read one of 15 newspapers published by SPH while online publication of its six main dailies enjoy some 120 million page views a month. SPH has ventured into the broadcast medium and operates two popular free-to-air TV channels, Channel U in Chinese and Channel i in English.