Higher wealth taxes may be on the cards

[SINGAPORE] Moves to secure future revenue streams may be put in place in the upcoming Budget, as public spending rises with a rapidly ageing population and the government move towards greater redistribution.

Observers expect higher wealth taxes on cars and properties as well as a wider top personal income tax bracket. A hike in the Goods and Services Tax (GST), though unlikely this year, is also expected eventually.

Revisions to the cap on how much goes into the government's purse from the investment returns on the Republic's reserves, as well as the policy of government land sales income being locked up as reserves, cannot be ruled out either, they said.