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Louis Chua on Income Tax (Amendment) Bill

Singapore should consider implementing a wealth tax, said MP Louis Chua. Speaking in Parliament on Tuesday (Oct 5), he pointed out that even as COVID-19 rages across the world, the number of high net worth individuals continues to rise. He said wealth taxes need to be recurring yet sustainable and reasonably easy to implement. One possible solution is to raise property-related taxes on the value of homes above a high threshold, he said. Mr Chua stressed that in the face of rising inequality and economic and social disparities, Singapore's tax policies must support quality growth and an inclusive society.

Singapore should consider implementing a wealth tax, said MP Louis Chua. Speaking in Parliament on Tuesday (Oct 5), he pointed out that even as COVID-19 rages across the world, the number of high net worth individuals continues to rise. He said wealth taxes need to be recurring yet sustainable and reasonably easy to implement. One possible solution is to raise property-related taxes on the value of homes above a high threshold, he said. Mr Chua stressed that in the face of rising inequality and economic and social disparities, Singapore's tax policies must support quality growth and an inclusive society.

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