SINGAPORE: Singapore will be “highly unlikely” able to return what was drawn from past reserves in the past three years for pandemic-related support measures, as it remains in a “tight fiscal position”, said Deputy Prime Minister and Finance Minister Lawrence Wong on Tuesday .
He added that the financial reserves have helped Singapore to weather major global shocks, prevent high unemployment rates and build up capabilities even amid economic downturns. to ensure sufficient resources to care for an ageing population while keeping a balanced budget over the medium term.Singapore first tapped on its financial reserves in FY2020, with the Government saying that it wouldIt ended up utilising a lower amount of S$31.9 billion.
With the stabilisation of Singapore’s COVID-19 situation and the transition to endemic living with the virus, further pandemic-related expenditure will be funded through government revenues.Government spending could exceed 20% of GDP by 2030; GST and other tax moves help to close funding gap: Finance MinistryThe Government will not be drawing from the reserves in FY2023, as “things return to normal” after three years of pandemic, said Mr Wong.
At the same time, the Government’s expenditure is set to go down slightly to $104.2 billion – S$2.8 billion or 2.6 per cent lower than the revised 2022 figure. Meanwhile, the Government had in 2020 raised the contingencies funds balance from S$3 billion to S$16 billion to ensure it could respond quickly to urgent and unforeseen cashflow needs arising from the fast-evolving pandemic.
The first is to ensure firms pay taxes in countries where they earn their profits, regardless of whether they have a physical presence. The second involves setting a minimum corporate tax rate of 15 per cent for large MNEs with consolidated annual revenues of 750 million euros or more.
繼續這樣低增長，很快就完蛋了
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