Key Budget Announcement Expected with Public Engagement Opportunities Before and After Delivery
Singapore’s Deputy Prime Minister (DPM) and Minister for Finance, Lawrence Wong, will deliver the Budget Statement for the 2023 fiscal year in Parliament on February 14, 2023. This statement will be broadcast live on television, radio, and online at www.singaporebudget.gov.sg, with the full document available on the website after its delivery.
In a prior announcement in November, DPM Wong revealed that the 2023 Budget will include an additional S$1.4 billion for the Goods and Services Tax (GST) Assurance Package. This is aimed at helping households manage the increased cost of living due to inflation.
Public engagement will continue until January 13, with citizens invited to share their views on the Budget via Reach’s microsite and e-Listening Points on www.reach.gov.sg/budget2023. The Ministry of Finance is also working with the People’s Association and grassroots organisations to host virtual platforms for public feedback.
The Singapore Budget, which is prepared for each financial year starting from April 1 to March 31 of the following year, includes revised revenue and expenditure projections for the current year and estimates for the next. Following DPM Wong’s address, Parliament will debate the Budget, with a round-up speech from Wong to address any queries from Members of Parliament. Subsequently, the Committee of Supply will review the spending plans of each ministry. If the President assents to the Supply Bill, it will become law as the Supply Act by March 31, regulating the government’s spending for the upcoming fiscal year.
