ECONOMY | Staff Reporter, Singapore

Daily Briefing: Anti-graft law undergoes review; Singapore to improve tax use for social issues

And here's how to start buying insurance in Singapore.

From via Yahoo! Finance:

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If budget is of no concern, all of us would want to buy the best possible coverage for ourselves and our loved ones. However, we live in a real world where we face budget constraints and have other financial objectives such as retirement planning that we also have to work towards. Hence, it’s essential to ensure that you buy the right coverage you need, not just what your insurance agent is trying to sell you.

Read more here.

From Reuters:

Singapore’s anti-corruption watchdog said it is reviewing the country’s primary anti-graft law amid mounting pressure on the government to toughen the rules in the wake of revelations of criminal wrongdoing at companies in the city-state.

Keppel Corp, which counts state investor Temasek Holdings [TEM.UL] as its largest shareholder, has agreed to pay more than $422m to resolve probes by U.S., Brazilian and Singapore authorities on charges it bribed Brazilian officials.

The disclosure has dented Singapore’s squeaky-clean image. It is ranked seventh-least corrupt nation in the world according to Transparency International, the global anti-corruption coalition based in Berlin.

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From Reuters:

Singapore will have to address the question of how taxes can be used to better support the social issues created by a rapidly ageing population, policymakers said on Monday.

The city-state has some of the lowest tax rates in the world but top government officials have been signaling the need for higher taxes as its social spending and investment requirements increase.

Analysts expect changes to be unveiled as soon as Feb. 19, when the proposed budget for the fiscal year starting April 1 is presented. Many expect an increase to the 7% and services tax (GST) rate.

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