https://www.bloomberg.com/news/arti...says-need-to-counter-rising-wealth-inequality
Wealth Taxes
Singapore needs to guard against rising inequality and is studying options to expand its system of wealth taxes, said the country’s finance minister. “Those who are more affluent should pay their fair share of taxes. One thing is clear: We already tax wealth in Singapore,” said Wong, pointing to various measures like property tax and stamp duties on residential properties. Elaborating later on the government’s thinking, he said: “Whatever we do, we want to ensure number one, that it is an effective way of taxation that will not be easily avoided.” Government officials have been seeking feedback on the business hub’s tax regime, including having conversations on wealth taxes with members of Singapore’s business elite and advisers to the rich, people familiar with the matter told Bloomberg News this month.
Goods & Services Taxes
As Singapore considers different ways to raise more revenue to fund these needs, Lawrence Wong said a planned increase in the goods and services tax between 2022 and 2025 wouldn’t be deferred. He said Singapore is monitoring inequality closely due to the threat this can pose to society. The government has been intervening to help the lower-income, for example during the Covid-19 pandemic, and is determined to tackle this issue.
Carbon Tax
The government will announce the revised carbon tax rate for 2024 in the budget next year, and indicate what can be expected up to 2030. Wong said the current carbon price is “too low”.
