Budget 2022 debate: Hoon Hian Teck on raising taxes
Countries raise taxes to create the fiscal capacity to support a well-functioning society, achieve economic inclusion, and - particularly relevant in Singapore’s case - pay for recurrent spending so that the use of national reserves can be prioritised to manage external shocks, said NMP Hoon Hian Teck. He gave insights into these areas in Parliament on Monday (Feb 28). Prof Hoon said Budget 2022 is built on the premise that Singapore can build a dynamic economy even at this mature stage and to do so, it needs to generate "indigenous" innovations to propel productivity growth.
Countries raise taxes to create the fiscal capacity to support a well-functioning society, achieve economic inclusion, and - particularly relevant in Singapore’s case - pay for recurrent spending so that the use of national reserves can be prioritised to manage external shocks, said NMP Hoon Hian Teck. He gave insights into these areas in Parliament on Monday (Feb 28). Prof Hoon said Budget 2022 is built on the premise that Singapore can build a dynamic economy even at this mature stage and to do so, it needs to generate "indigenous" innovations to propel productivity growth.
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