Advertisement Banner

Singapore: Greater means contribute a larger share


Singapore: Greater means contribute a larger share

In my second year of working life, I told my mother that I was being taxed more than the year before. My mother casually commented, ‘The higher your pay, the higher your taxes will be.’ How profoundly true. I yearn to pay higher taxes after that. Of course, we do note that the super wealthiest do appoint tax consultants to ensure they are not overpaying their taxes. Anyway, I seriously do not mind to pay ever higher taxes if my income keeps growing too.

One country is validating what my mother said to me way back in the year 2000. 🙂

Article in Singapore raised taxes on its wealthiest by 1% and increased other levies as it aims to bolster its finances to chart a post-pandemic future.

Finance Minister Lawrence Wong said the new changes are needed to foster a “fairer revenue structure.” He said, “That means everyone chips in and contributes to a vibrant economy and strengthened social compact, but those with greater means contribute a larger share.”

Wong said, “Our budget remains expansionary to support the economy.” Please do read the article with a lot more details here: Article in

Expansionary Budget is always needed when the economy needs support

Sometimes, the private sector may not be able to shoulder all the necessary investments into growing the economy. They may be hesitant due to some confidence level, they may not have the capacity to do so especially if their revenues were affected by unforeseen circumstances and there may be other reasons and this is where the government will step in.

Singapore will also be raising the Goods and Services Tax (GST) by 1% in 2023 and another 1% in 2024. This will increase the GST from current 7% all the way to 9% by 2024. News as per Straits Times Singapore here. This should help it to go back to the usual budget surplus on all the years before Covid-19 arrived. GST is certainly a much better tax structure than what Malaysia has currently which is the Sales and Service Tax.

Well, I am not the government and could not change it back to the right track currently. All the best then as we continue to see how countries with GST continue to gain tax revenue corresponding to the country’s GDP growth. Cheers.

Property News Malaysia? Sign up for daily investment news updates (FREE since Nov 2013 and FOREVER). Alternatively, Follow me on Telegram here.

Please LIKE FB page to get daily updates about the property market beyond articles. Else, follow me on Twitter here.

Next suggested article: Property investment risks.

Header Image by Pexels from Pixabay

Property Investment always start with knowledge. Equip ourselves with more here.

Leave a Reply

Your email address will not be published. Required fields are marked *

Motion arrow towards right
Motion arrow towards right
Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

Advertisement Banner

Facebook Comment

Table of Contents

Most Recent Posts

join the family

Like us for daily investment news and more

Hit the like

%d bloggers like this: