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Singapore To Raise Taxes, Says PM

by Mary Swire, Tax-News.com, Hong Kong

27 November 2017


Singapore Secretary-General Lee Hsien Loong has confirmed that the Government plans to increase taxes in the near-term to offset increased spending.

The Prime Minister made the comments at the People's Action Party (PAP) Convention 2017, held on November 19. PAP have been the ruling party in Singapore since 1959.

"For this current term of Government, we have enough revenue. But our spending needs will grow… raising taxes is not a matter of whether, but a matter of when," said Lee.

The statement echoed comments made by Finance Minister Heng Swee Keat earlier this year, in which he warned that Singapore faced rising domestic expenditure as the Government invested more in healthcare and infrastructure.

"We will have to raise revenues through new taxes or raise tax rates. We are studying the options carefully," he said in his Budget 2017 Speech in February. "We must make these decisions in good time, to ensure that our future generations remain on a sustainable fiscal footing."

Heng also stated that the Government had revised its tax structure over the past five years to ensure it had sufficient revenue for its increased spending needs up until 2020.

In 2016, Singapore's tax revenues rose by five percent to SGD47bn (USD34.6bn).

TAGS: Finance | tax | Singapore | tax rates

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