Is this how it should be done? Rhetorical question.
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Government spending in Singapore has risen since the start of the global financial crisis, from around 15% of GDP in 2008 to 17% in 2012.
The government's total expenditure as a percentage of GDP ranks among the lowest internationally and allows for a competitive tax regime.[134][135]
Singapore is required under its constitution to keep a balanced budget over each term of government.
Singapore government debt is issued for investment purposes, not to fund expenditure.[136][137][138]
Personal income taxes in Singapore range from 0% to 22% for incomes above S$320,000.[139]
There are no capital gains or inheritance taxes in Singapore.[140][141]
Singapore's corporate tax rate is 17% with exemptions and incentives for smaller businesses. Singapore has a single-tier corporate income tax system, which means there is no double-taxation for shareholders.[142]
Singapore introduced Goods and Services Tax (GST) with an initial rate of 3% on 1 April 1994, increasing government's revenue by S$1.6 billion (US$1b, €800m) and establishing government finances.[143]
The GST rate increased to 4% in 2003, 5% in 2004, 7% in 2007, 8% in 2023, and 9% in 2024.[144] [145]
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Government spending in Singapore has risen since the start of the global financial crisis, from around 15% of GDP in 2008 to 17% in 2012.
The government's total expenditure as a percentage of GDP ranks among the lowest internationally and allows for a competitive tax regime.[134][135]
Singapore is required under its constitution to keep a balanced budget over each term of government.
Singapore government debt is issued for investment purposes, not to fund expenditure.[136][137][138]
Personal income taxes in Singapore range from 0% to 22% for incomes above S$320,000.[139]
There are no capital gains or inheritance taxes in Singapore.[140][141]
Singapore's corporate tax rate is 17% with exemptions and incentives for smaller businesses. Singapore has a single-tier corporate income tax system, which means there is no double-taxation for shareholders.[142]
Singapore introduced Goods and Services Tax (GST) with an initial rate of 3% on 1 April 1994, increasing government's revenue by S$1.6 billion (US$1b, €800m) and establishing government finances.[143]
The GST rate increased to 4% in 2003, 5% in 2004, 7% in 2007, 8% in 2023, and 9% in 2024.[144] [145]
I imagine a huge portion of our taxes go for just that...