Budget 2022: Tax hikes on top earners, higher-value properties, luxury cars 'may reduce social inequality'

The property tax rates for owner-occupied homes for the portion of annual value in excess of $30,000 will be raised. ST PHOTO: GAVIN FOO
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SINGAPORE - Focusing on traditional means of taxing wealth by raising the highest marginal personal tax rates as well as taxes on higher-value properties and luxury car ownership could help further reduce social inequality and make the tax system more progressive and fairer, while maintaining Singapore's competitiveness as a wealth management hub, analysts said.

While a widely anticipated introduction of a wealth tax was put on hold, many analysts say it is no surprise that low-lying fruit was not spared.

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