Singapore mulls over tax measures to boost revenue

This comes as budget pressures spike.

According to Bloomberg, Singapore’s government is studying measures to boost revenue, including higher taxes, to help ease pressure on the budget as spending increases. “Medium-term expenditures will continue to rise significantly, be it for infrastructure or for health care reasons,” Lawrence Wong, second minister of finance, said in an interview on Tuesday with Bloomberg TV’s Haslinda Amin. “So we are studying revenue. Revenue means taxes.”

Finance Minister Heng Swee Keat said in his budget speech on Monday the surplus will narrow to 0.4 percent of gross domestic product in the next fiscal year beginning April 1. Singapore takes a fiscally conservative approach as the government is mandated to run a balanced budget over its term in office.

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