Singapore: government comments on the future increase in taxes
During a 2015 conference hosted by the Minister of Finance, Shanmugaratnam Tarman claimed that the level of Singapores income at that time will cover the expenses planned for the next 10 years. 2 years later during the performance, the Singapore Prime Minister Lee Hsien Loong has also supported Tarman, having said that Singapore has positive indicators for future state revenue.
However according to the Ministry of Finance, the plan of state expenses has grown, which means that the government has to think of the future. An increase in taxes about which was stated in official circles at the moment which only demonstrates the foresight of the Singapore government. At the same time, officials note that businesses and residents will both need time to adapt to the changing realities.