You are here

Singapore Budget 2018: Singapore's net investment returns contribution stands at S$15.9b in FY2018


OVER the last 10 years, Singapore's net investment returns (NIR) contribution (NIRC) has more than doubled from S$7 billion in FY2009 to an estimated S$15.9 billion in FY2018.

Speaking in Parliament on Monday, Finance Minister Heng Swee Keat said the NIRC is now the largest contributor to Singapore's revenues, larger than any single tax, including the goods and services tax, and corporate and personal income taxes.

Singapore introduced the NIR framework back in 2008. This started out with the reserves managed by GIC and the Monetary Authority of Singapore. Temasek Holdings was then included in the framework in 2015.

For more Budget 2018 stories visit


For more stories, visit

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to