Ignoring the spanner in the works thrown up by the coronavirus outbreak late in the financial year, this was probably already one of the most challenging Budgets for Deputy Prime Minister and Finance Minister Heng Swee Keat.

With Singapore more or less considered a First World economy, and amid declining tax rates globally, tax competition is no longer an effective tool and a growing tax revenue base is no longer a given. The strength of Singapore has always been our ability to push through necessary policies to ensure continued relevance on the world stage.