Budget 2022 debate: Louis Chua on wealth taxes
Proposed adjustments to residential property taxes and additional registration fees for luxury cars are "a step in the right direction" but represent "tokenism" rather than a meaningful attempt at implementing wealth taxes in Singapore, said MP Louis Chua in Parliament on Monday (Feb 28). He explained how the measures would have a minimal impact on the wealthy. Mr Chua also elaborated on why a proposed global minimum corporate tax rate represents an opportunity, not a threat, for Singapore. In the spirit of Budget 2022 strengthening the social compact, he also asked if Singapore should revisit the contribution of its investment returns to its revenue needs, relative to the burden placed on individuals.
Proposed adjustments to residential property taxes and additional registration fees for luxury cars are "a step in the right direction" but represent "tokenism" rather than a meaningful attempt at implementing wealth taxes in Singapore, said MP Louis Chua in Parliament on Monday (Feb 28). He explained how the measures would have a minimal impact on the wealthy. Mr Chua also elaborated on why a proposed global minimum corporate tax rate represents an opportunity, not a threat, for Singapore. In the spirit of Budget 2022 strengthening the social compact, he also asked if Singapore should revisit the contribution of its investment returns to its revenue needs, relative to the burden placed on individuals.
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