DPM Wong to deliver 2023 Budget Statement on Feb 14

SINGAPORE’S Deputy Prime Minister (DPM) and Minister for Finance, Lawrence Wong, is set to deliver Singapore’s FY2023 Budget Statement in Parliament on Feb 14, 2023.

Earlier in November, DPM Wong announced in Parliament that Budget 2023 will see another S$1.4 billion added to the Goods and Services Tax (GST) Assurance Package to help households cope with higher expenditure due to rising inflation.

The 2023 Budget Statement will be broadcast live on television and radio, as well as online at www.singaporebudget.gov.sg. It will be published in full on the website after delivery.

Meanwhile, members of the public may continue to share their views through Reach’s Budget 2023 microsite or the department’s e-Listening Points via www.reach.gov.sg/budget2023 as well as other channels until Jan 13.

The Ministry of Finance is also partnering with People’s Association and its grassroots organisations in virtual engagement platforms to seek public views and suggestions until the same date.

The Singapore Budget is prepared for each financial year, which begins on Apr 1 and ends on Mar 31 the following year.

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It includes revised government revenue and expenditure projections for the current financial year, as well as government revenue and expenditure estimates for the upcoming financial year.

Parliament will debate the Budget statement about a week or so after it is delivered, with Wong then making a round-up speech to address queries and feedback from Members of Parliament.

Parliament then sits as a Committee of Supply to examine each ministry’s spending plans.

If the President assents to the Supply Bill, the bill becomes a law called the Supply Act – which controls the Singapore government’s spending in the upcoming financial year.

The bill is expected to be enacted as the Supply Act by Mar 31.