With one month to go before Singapore’s Budget 2023 is announced on Feb 14, Insight looks at some possible items that could be included and what observers and others expect.
Budget 2023: Help for households to manage expenses, and for firms to build capabilities likely
The gloomy economic outlook, with experts predicting a recession across global economies, combined with tense geopolitical relationships, has been a cause of worry for Singaporeans and local businesses.
These challenges come as Singapore is stepping out of the shadow of the Covid-19 pandemic, which has impacted the economy in recent years, in particular sectors such as aviation and food and beverage.
Observers The Sunday Times spoke to say individuals, workers and companies will need to be supported through the tough period and suggested near-term and longer-term help that they expect to or hope to see in Budget 2023.
Measures to boost EV adoption, enhance food security and sustainability expected in Budget 2023
Countries all over the world have been coming up with ways to mitigate climate change, the ever-present problem that if left unchecked, would have dire consequences for all, especially future generations.
Singapore has already taken steps on this front, among them laying out its Singapore Green Plan 2030 in 2021 and naming its first government chief sustainability officer in December.
More moves in this area are expected in Budget 2023, experts told The Sunday Times.
Call for ABSD rule change, shorter BTO waiting times in Budget 2023
Married couples upgrading from HDB flats to private homes should not have to pay additional buyer’s stamp duty (ABSD), which is the case for those who are upgrading to new executive condominiums (ECs).
The Government should also consider opening up more sites in the Outside Central Region (OCR) for Government Land Sales in the second half of 2023 as the region is popular with first-time home buyers and HDB upgraders.
These are some of the suggestions on real estate agency PropNex’s wish list for Singapore Budget 2023 that it released on Thursday.