Lawrence Wong rejects opposition's alternatives to GST hike

Singapore

MINISTER for Finance Lawrence Wong has rebutted opposition calls to raise public revenues from sources beyond a planned goods and services tax (GST) increase, as he called on lawmakers to beware proposed alternatives that "are not prudent and will come at the detriment of the next generation".

Revenue from higher corporate, wealth and other taxes cannot substitute for the higher GST, he said in the Budget round-up speech. Instead, he argued that Singapore needs "a good mix" of income-, asset- and consumption-based taxes.