Unclear if higher tax revenue growth trend will continue: MOF

The tax revenue growth complies with SG’s economy, the Ministry of Finance said.

The Ministry of Finance told the Parliament that tax revenue growth stays in line with Singapore’s economy but it said it is still unclear whether the growth trend will continue.

Senior Minister of State for Finance Chee Hong Tat was addressing Ang Wei Nang, a member of the parliament, on record high tax revenue.

Chee said the higher tax revenue collection in the financial year 2022 was due to SG’s economic recovery after the COVID-19 pandemic.

The cost of living in Singapore remains a key concern, said Chee. 

This prompted the government to enhance the Assurance Package to $9.6b in Budget 2023 to provide Singaporeans with additional financial support. 

“More support is provided to lower and middle-income families, as well as seniors staying in both public and private estates,” said Chee.

“As PM Lee mentioned at the 2023 National Day Rally, MOF is currently studying further enhancements to the Assurance Package.  We will announce more details shortly, after the review is completed,” added Chee.