Here are key takeaways from Singapore Finance Minister Lawrence Wong’s budget speech for fiscal 2023 as the government looks to extend social support while raising revenue streams. Click here for our TOPLive blog.
(Bloomberg) — Here are key takeaways from Singapore Finance Minister Lawrence Wong’s budget speech for fiscal 2023 as the government looks to extend social support while raising revenue streams. Click here for our TOPLive blog.
- Wong, the likely next prime minister, announced handouts to citizens will be increased by S$3 billion ($2.26 billion) in the fiscal year starting April. The government will double paternity leave, increase baby bonus payouts and give more support to young families
- At the same time, stamp duties on high-end properties will rise, as will taxes on luxury cars. Tobacco taxes will also rise. Singapore will also set its effective tax rate for multinational enterprises at 15% starting 2025
- The city expects a deficit of S$2 billion for the year ending March 31, and a deficit of just S$0.4 billion for the year starting April 1, equivalent to 0.1% of gross domestic product
- Wong said the budget represents a balance between ensuring the neediest people in society are helped, while making sure the city has strong finances in case of adversity like that seen during the pandemic
- He warned that while there are positive signs, there are also many risks, citing inflation, the possibility of a new variant of Covid, China-US tensions, and a growing degree of zero-sum game competition among nations
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.