SINGAPORE: As infrastructure costs increase, government looks which taxes to increase
The Committee on the Future Economy in Singapore have been discussing the remodeling of Singapore’s tax system regarding current domestic and global requirements, whilst maintaining a progressive, comprehensive, and fair tax regime. Finance Minister Mr Keat stressed the need for Singapore to grow its revenue base to help fund several rising infrastructure and healthcare costs at the most recent Budget 2017 meeting. Any increase in current taxes or the prospective introduction of a new tax such as a carbon tax will be considered. This news comes after the sudden hike in water prices; so any increase in taxes will likely be announced and consulted with businesses and the general public with as much notice as possible, in order to give time for the necessary adjustments.
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