Does Budget 2022 portend more taxes to come?
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ONE of the questions surfacing since the Budget is how Singapore can better afford its own future.
It was obvious from Friday's Budget that Singapore, put simply, just does not generate enough revenue to cover the nation's additional spending needs. With one in four expected to be over 65 in 2030, costs, especially in healthcare and social care, will keep surging relentlessly.
Healthcare expenditure has already tripled from S$3.7 billion in 2010 to S$11.3 billion in 2019 and is expected to rise to about S$27 billion, or around 3.5 per cent of gross domestic product (GDP), by 2030. With this in mind, amid many people's chagrin, Friday's Budget introduced a slew of tax increases from personal income to property; goods and services to luxury cars.
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