'Everyone contributes something, but those who are better off contribute more,' says Singaporean Deputy Prime Minister and Finance Minister Lawrence Wong in his budget statement.
announced on Tuesday, February 14, narrower fiscal deficits in a budget aimed at helping households manage the rising cost of living while replenishing its pandemic-depleted coffers.
“With a stronger fiscal position than last year, Deputy Prime Minister Lawrence Wong’s Valentine Budget 2023 has rightfully provided a slew of goodies for lower-income earners, working mothers, and retirees through various enhancements,” Ajay Kumar Sanganeria, a partner at KPMG Singapore, said. Wong also unveiled “more progressive” vehicle taxes affecting the top one-third of car buyers that would generate S$200 million in additional revenue per year.
The city-state also intends to implement a domestic top-up tax to bring taxes for large corporations to 15% by 2025. This is to meet pillar 2 of the Organisation for Economic Co-operation and Development’s base erosion and profit shifting 2.0 framework.
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