Singapore Budget 2018 to be delivered on Feb 19

Singapore

THE Singapore 2018 Budget Statement is set for Monday, Feb 19, to be delivered by Finance Minister Heng Swee Keat in Parliament.

The annual event is widely expected to draw much interest from both households and businesses, as they wait to find out if taxes will indeed be raised.

Prime Minister Lee Hsien Loong had mentioned in November that raising taxes is "not a matter of whether, but when", echoing Mr Heng's remarks made earlier during his Budget speech in 2017.

The most likely candidates so far are the goods and services tax (GST) - which has remained at 7 per cent since 2007 - as well as the introduction of an e-commerce tax. There was also talk of a "wealth tax", which could come in the place of property or inheritance taxes.

The trade associations and business chambers are in various stages of finalising their wishlists for the upcoming Budget 2018.

The 2018 Budget Statement will be broadcast live on television and radio. A live webcast of the delivery will also be available on the Singapore Budget website at www.singaporebudget.gov.sg. The Budget Statement will be uploaded on the site after the speech has been delivered.

Prior to the actual date, a pre-Budget Facebook question & answer (Q&A) session will be held on Thursday, Jan 4 from 8pm to 9pm on the Facebook page of Reach, the government's feedback unit. The Q&A will be chaired by Liang Eng Hwa, chairman of the Government Parliamentary Committee (GPC) for Finance and Trade & Industry, and a member of the Reach Supervisory Panel, as well as Cheryl Chan, a member of the GPC for Finance and Trade & Industry.

Singaporeans can continue to send their views and suggestions on issues relevant to Budget 2018 until Jan 12, which will be when the feedback exercise will close.

After the Budget is delivered, Parliament typically debates on the Budget Statement the following week.

For more stories on Budget 2018, click here.