Budget 2020: Reactions

A Budget for change that tests maturity of a nation

The world has changed much in the past two decades, and Budget 2020 accepts those realities. Time for Singaporeans to wise up too.

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.

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A version of this article appeared in the print edition of The Straits Times on February 20, 2020, with the headline 'A Budget for change that tests maturity of a nation'. Subscribe