SINGAPORE - Compared with citizens elsewhere, Singaporeans pay much less in taxes and yet are able to enjoy high-quality public services, said Deputy Prime Minister and Finance Minister Lawrence Wong on Friday, as he debunked claims that middle-income Singaporeans are overtaxed. The impact of the Budget on the middle-income had come up during the Budget debate, with MPs from both...
Compared to other advanced economies such as the US and UK, Singapore’s tax burden is significantly lower, said DPM Lawrence Wong. PHOTO: ST FILE
Compared with other advanced economies – using estimates for the United States, United Kingdom and Finland based on publicly available data – the Republic’s tax burden is significantly lower than that of these countries, said Mr Wong. “So we will continue to do everything we can to help our broad middle raise their standards of living, and support them in meeting their aspirations,” Mr Wong said.
This compares favourably with other jurisdictions like the UK and Finland, where the middle quintile received around $1.25 of benefits for every dollar of tax they paid, compared with Singapore’s ratio of 2 to 1.
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