Chee Hong Tat on tax revenue and cost-of-living assistance
Singapore’s tax revenue collections have grown broadly in line with GDP. Higher tax revenue in Financial Year 2022 compared to the previous year was due to the country’s economic recovery after the COVID-19 pandemic. Some of the growth momentum has benefited tax revenue collection in FY2023 but it is unclear if the trend can continue due to the uncertain global economic outlook. Amid public concerns about cost of living, the Government is studying further enhancements to the Assurance Package and details will be announced soon. Senior Minister for Finance Chee Hong Tat said this in Parliament on Tuesday (Sep 19) in reply to an MP’s questions.
Singapore’s tax revenue collections have grown broadly in line with GDP. Higher tax revenue in Financial Year 2022 compared to the previous year was due to the country’s economic recovery after the COVID-19 pandemic. Some of the growth momentum has benefited tax revenue collection in FY2023 but it is unclear if the trend can continue due to the uncertain global economic outlook. Amid public concerns about cost of living, the Government is studying further enhancements to the Assurance Package and details will be announced soon. Senior Minister for Finance Chee Hong Tat said this in Parliament on Tuesday (Sep 19) in reply to an MP’s questions.
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