SINGAPORE - Singapore announced on Tuesday (Feb 14) narrower fiscal deficits in a budget aimed at helping households manage the rising cost of living while replenishing its pandemic-depleted coffers. The fiscal position is 'appropriate for the projected economic conditions this year', finance minister Lawrence Wong told parliament as he presented details of the 2023 budget. Wong, also deputy prime minister,...
SINGAPORE - Singapore announced on Tuesday narrower fiscal deficits in a budget aimed at helping households manage the rising cost of living while replenishing its pandemic-depleted coffers.
"With a stronger fiscal position than last year, deputy prime minister Lawrence Wong's Valentine Budget 2023 has rightfully provided a slew of goodies for lower-income earners, working mothers, and retirees through various enhancements," Ajay Kumar Sanganeria, a partner at KPMG Singapore, said. Wong also unveiled "more progressive" vehicle taxes affecting the top one-third of car buyers that would generate $200 million in additional revenue per year.Budget 2023: Housing grant to buy resale flat increases by up to $30k, additional BTO ballot chance for some
The city-state also intends to implement a domestic top-up tax to bring taxes for large corporations to 15 per cent by 2025. This is to meet pillar 2 of the Organisation for Economic Co-operation and Development's base erosion and profit shifting 2.0 framework. The second step of a scheduled sales tax hike would go ahead as planned in 2024. The sales tax will increase to 9per cent next January, after increasing from 7 per cent to the current 8 per cent on Jan 1 this year.
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