Raising tax revenue the 'sustainable and responsible' way to fund Singapore's expenditures: Lawrence Wong

Singapore

THE sustainable and responsible way to fund Singapore's recurrent expenditures is to raise tax revenue and to do so with a fair and progressive tax system, Finance Minister Lawrence Wong said on Friday (Oct 15).

"Healthcare alone will demand an additional 3 per cent of gross domestic product (GDP) in spending over the next 10 years. That, plus our investments to reduce emissions, provide quality education, maintain security and so on," he said at the 35th Singapore Economic Roundtable organised by the Institute of Policy Studies.