Chee Hong Tat on imposing windfall taxes on energy companies
Imposing windfall taxes on energy companies because of their record profits over the past year could yield short-term revenues but will damage the economy in the long term, Senior Minister of State for Finance Chee Hong Tat told Parliament on Tuesday (Nov 29) in response to an MP's questions. He said such arbitrary measures will lead to considerable business uncertainty and disincentivise long-term private investment. Energy companies will hold back on investing in greener fuels and decarbonisation measures, which will make it harder for Singapore to achieve its net-zero targets. More generally, it will “send the wrong signal” to businesses as Singapore’s value proposition as a trusted business hub has been based on its long-term stability, anchored on strong rule of law and a predictable regulatory environment.
Imposing windfall taxes on energy companies because of their record profits over the past year could yield short-term revenues but will damage the economy in the long term, Senior Minister of State for Finance Chee Hong Tat told Parliament on Tuesday (Nov 29) in response to an MP's questions. He said such arbitrary measures will lead to considerable business uncertainty and disincentivise long-term private investment. Energy companies will hold back on investing in greener fuels and decarbonisation measures, which will make it harder for Singapore to achieve its net-zero targets. More generally, it will “send the wrong signal” to businesses as Singapore’s value proposition as a trusted business hub has been based on its long-term stability, anchored on strong rule of law and a predictable regulatory environment.
Popular Shows
