These moves will boost the Government’s operating revenue by around 0.7 per cent of GDP per annum. Read more at straitstimes.com.
raising the personal income tax rate for top income earners and property tax rates for higher-end residential properties not used by owners as residence; and introducing a new additional registration fee for luxury cars.
Meanwhile, the net investment returns contribution , which currently supports about one-fifth of government spending, is expected to keep pace with economic growth at around 3.5 per cent of GDP. The ministry added that while revenues should be sufficient to cover the higher spending in the near term, additional revenues may be needed to balance the Budget in the medium term, as its projection did not take into account the possible policy moves the Government may make from now until 2030.
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