Lawrence Wong on why measures to increase tax revenue cannot be deferred
The Government saw a revenue increase of more than 22 per cent in financial year 2021, partly driven by higher-than-expected collections of “sentiment-based revenue”. The biggest proportion came from stamp duty collection amid a more bullish property market than many observers had expected. However, such sentiment-driven collections cannot be relied on as a stable and sustainable source of revenue to meet Singapore’s rising recurrent expenditure needs, said Deputy Prime Minister and Finance Minister Lawrence Wong in Parliament on Monday (Sep 12). In answer to MPs’ questions, he said tax measures, including the impending increase in Goods and Services Tax, will proceed as planned. However, help to ensure that most Singaporean households are not impacted for several years to come will also be assured, even with the higher inflationary outlook.
The Government saw a revenue increase of more than 22 per cent in financial year 2021, partly driven by higher-than-expected collections of “sentiment-based revenue”. The biggest proportion came from stamp duty collection amid a more bullish property market than many observers had expected. However, such sentiment-driven collections cannot be relied on as a stable and sustainable source of revenue to meet Singapore’s rising recurrent expenditure needs, said Deputy Prime Minister and Finance Minister Lawrence Wong in Parliament on Monday (Sep 12). In answer to MPs’ questions, he said tax measures, including the impending increase in Goods and Services Tax, will proceed as planned. However, help to ensure that most Singaporean households are not impacted for several years to come will also be assured, even with the higher inflationary outlook.
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