Time to consider a wealth tax for Singapore

Fiscal sustainability and fairness are some reasons for revisiting the tax mix.

A GST hike alone will not be enough to balance the Government’s budget, say the writers.ST PHOTO: KELVIN CHNG

Prudence, discipline and fairness have been the hallmarks of fiscal management in Singapore.

However, Covid-19 has massively tipped the budget balance into unprecedented negative territory, with the country registering a record overall deficit of 13.9 per cent of gross domestic product (GDP) last year.

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