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Singapore needs to tackle widening wealth inequality, finance minister says
- Lawrence Wong told a forum the city state is looking into options to expand its system of wealth taxes
- He also said a planned increase in GST between 2022 and 2025 wouldn’t be deferred
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Singapore needs to guard against rising inequality and is studying options to expand its system of wealth taxes, said the city state’s finance minister.
The island nation’s policies should continue to promote broad-based wealth accumulation, and the options being deliberated mustn’t undermine competitiveness, Lawrence Wong said in a wide-ranging speech at the Singapore Economic Roundtable on Friday, where he elaborated on the challenges posed by inequality, an ageing population and an impending climate crisis.
As Singapore considers different ways to raise more revenue to fund these needs, Wong said a planned increase in the goods and services tax between 2022 and 2025 wouldn’t be deferred.
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“Those who are more affluent should pay their fair share of taxes. One thing is clear: We already tax wealth in Singapore,” said Wong, pointing to various measures like property tax and stamp duties on residential properties.
Elaborating later on the government’s thinking, he said: “Whatever we do, we want to ensure number one, that it is an effective way of taxation that will not be easily avoided.”
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