Singapore anticipates structural deficit risk as revenue growth wanes

Tax regime needs to be enhanced.

According to a report by Bloomberg, Singapore may run into structural budget deficits in the next decade if it does not raise revenues to meet increases in spending on infrastructure and health care, Finance Minister Tharman Shanmugaratnam said.

Revenue gains will ease in coming years as the government collects less from asset market-based taxes, while a slowdown in foreign-worker growth means related levies will taper off, Shanmugaratnam said in Parliament today. There is further room for the government to “enhance” its tax regime after it raised property tariffs on luxury homes last year, he said.

Read full report here.

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