Why does our ministers and newspaper reporters make it sound like the government is earning revenue only from taxes and GST. Look at COE which is mantaining at $70,000. An estimated 10,000 vehicles a month x $70,000 = $700,000,000/month which the government is pocketing. I'm not even going to start on the millions they rake in daily from ERP. Then we look at the ABSD, which is 7% to 10% on your second property onwards, or in the case of foreigners, 10% for all properties. For a $1 million condo, that comes up to $70k to $100k. Multiply that by at least a couple hundreds, as thousands of homes being transacted monthly. Furthermore, there is Seller stamp duty which can range from 16% in the first year to 4% in the fourth year, if you sell your property within the first four years of purchase.
Now we couple all the above mentioned taxes with 7% GST, property tax, road tax, income tax. You must be joking if the Singapore government is anywhere close to making a loss or unable to sustain the social initiatives PM LHL mentioned in his NDR.