Broadening Singapore's tax base to sustain long-term growth
A good mix that goes beyond traditional notions will help widen the net and help secure Singapore's future
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IN 2017, the Committee on the Future Economy spelt out bold strategies to take Singapore forward over the next decade. Its report recognised that Singapore may have to raise tax revenue over time to meet rising domestic needs.
Indeed, tax collection will need to increase in order to build better infrastructure, deepen digital capabilities, strengthen innovation and prepare for an ageing population. To ensure long-term fiscal sustainability, Singapore may have to cast the tax net further afield.
As it is, the government is already moving towards a more progressive tax regime. Signs that higher-income earners will have to bear a heavier tax burden have already emerged over the past few years.
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