Raising tax revenue the 'sustainable and responsible' way to fund Singapore's expenditures: Lawrence Wong
Finance minister says increasing GST helps share burden of taxation across entire population, including tourists, foreigners
Singapore
THE sustainable and responsible way to fund Singapore's recurrent expenditures is to raise tax revenue and to do so with a fair and progressive tax system, Finance Minister Lawrence Wong said on Friday (Oct 15).
"Healthcare alone will demand an additional 3 per cent of gross domestic product (GDP) in spending over the next 10 years. That, plus our investments to reduce emissions, provide quality education, maintain security and so on," he said at the 35th Singapore Economic Roundtable organised by the Institute of Policy Studies.
Added up, Singapore's needs are significant and growing, he said.
Wong was outlining 3 key priorities that underpin Sin…
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Economy & Policy
An economy transformed: Lee Hsien Loong’s 20 years as Singapore’s Prime Minister
Daily Debrief: What Happened Today (Apr 18)
Singapore’s first RoboCluster launched for facilities management, to turn R&D into market solutions
Daily Debrief: What Happened Today (Apr 17)
Singapore’s key exports on track for recovery despite March’s surprise 20.7% tumble: economists
Employers must process all flexi-work requests from Dec 1