Singapore Deputy Prime Minister and Finance Minister Heng Swee Keat proposes a drawdown of up to S$11 billion for a second consecutive financial year.
Compared to the S$42.7 billion in the previous year, the quantum involved for budget 2021 is notably lower. However, the total drawdown amounting to S$53.7 billion still equates to a few decades’ worth of budget surpluses.
Fortunately, taxpayers can benefit from these changes. Apart from tax rate increase on petrol, tax rates on corporate, individual income and curbs on property purchases remain the same.