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Economic Affairs
Three priorities for Budget 2022
GST, wealth taxes and tax policies for large MNEs are among the challenges to address
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The Government is also under pressure to meet the constitutional requirement to balance the Budget by 2025.
PHOTO: ST FILE
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During the run-up to Budget 2022, which will be presented on Feb 18, various wish lists have appeared from professional service firms, business federations and Members of Parliament. The broad message that emerges is that the economic recovery is fragile and uneven, many companies still need help and fresh incentives are needed to encourage investments in key areas. New taxes also need to be carefully designed.
While the proposals cover many subjects, including measures to speed up decarbonisation, incentives for specific sectors and social policies, let us evaluate those relating to three hot-button issues: the goods and services tax (GST), wealth taxes and tax policies for large multinational enterprises (MNEs).
