In his Budget 2023 closing speech, the Deputy Prime Minister and Finance Minister says Singapore’s tight fiscal position is “very much a reality” over the medium term.
SINGAPORE: Singaporeans pay much less in taxes compared to citizens elsewhere, but still"enjoy high quality public services", said Deputy Prime Minister Lawrence Wong in Parliament on Friday .
Addressing the three alternative revenue streams raised by opposition parties in Parliament - wealth taxes, corporate tax and land sales revenue - Mr Wong said"the fact remains that it is very hard for any of them to replace the GST". On corporate tax, Mr Wong stressed that other countries were rolling out “vast subsidies” to strengthen their own competitive advantage; and that competition for global investments would only get tougher.
“Currently, when the state sells land, the financial proceeds go into past reserves and they are invested to generate a stream of income to our Budget through the NIRC ,” Mr Wong added.
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