Singapore Budget 2019: Surplus instead of deficit for FY18; suspension of HSR, higher stamp duties cited

Singapore

SINGAPORE is expected to register a budget surplus of S$2.12 billion for FY18, equal to 0.4 per cent of gross domestic product (GDP), instead of a small overall deficit of S$0.6 billion as estimated a year ago.

The surplus for the fiscal year ending March 31 was due to the unexpected suspension of the Kuala Lumpur-Singapore High-Speed Rail (HSR) Project, as well as higher than expected collections from stamp duties, corporate income tax and statutory board contributions.