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Prime Minister Lee Hsien Loong has described the Budget statement, to be delivered on February 15, as forward looking.
It will be one that will allow businesses and the people to emerge stronger.
Mr Lee was speaking to reporters on the sidelines of the East Asia Summit in Cebu.
Singapore has done well last year, with a 7.7 percent growth and 124,000 jobs being created, and the outlook for 2007 remains positive.
The government has promised that there will be an offset package to help the needy cope with the proposed two percentage point hike in the Goods and Services Tax.
But Singaporeans will have to wait a little longer to find out just what the package will entail.
PM Lee said: "It's cooking in the oven. We've been working hard, we've been discussing the matters amongst the ministers. We've talked to union leaders, we are also seeking views from employers to make sure this is a package which is going to be 'wearable' for the economy, and in fact push the economy forward. That is the purpose of the Budget."
Mr Lee said the Budget would contain wide-ranging measures that are not just targeted at low income families, but also the middle class.
It will also take into account companies' interests.
Mr Lee said the Budget would increase Singapore's competitiveness, improve infrastructure and nurture talents.
One important component is the Workfare initiative, aimed at helping older workers and low wage earners.
PM Lee said: "We are moving on the GST, it is a big step, and we are moving on Workfare, another very big step. We want this to be a Budget where the country comes out stronger, where low income workers come out stronger, where the majority of Singaporeans are better prepared to compete and do well in the world. Businesses, employers and companies can also do well. And I think we are in a good position to do that."
Another hot topic is that of the restoration of the cut in employer's CPF contribution.
The unions have been pushing for it, the workers are looking forward to it.
However, analysts have warned of possible repercussions for smaller companies, but Mr Lee remained tight-lipped on its implementation.
Earlier, the government has said a 1 to 2 percentage point restoration is possible if the economy continues to perform well. - CNA/ch
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