Singapore Ensures Fiscal Sustainability Amid Economic Changes
Singapore is setting aside financial resources to meet future spending commitments, as the country remains in a strong fiscal position, said Deputy Prime Minister and Finance Minister Lawrence Wong in Parliament.
During the final day of the Budget 2024 debate, Mr. Wong addressed concerns about government revenue and expenditure, emphasizing that Singapore’s fiscal strategy aims to ensure long-term financial stability while supporting economic growth and social welfare.
He also discussed the impact of global tax reforms, particularly the Base Erosion and Profit Shifting (BEPS) 2.0 Pillar Two rules, which could increase corporate tax revenue. However, he cautioned that actual gains remain uncertain, and new spending on investment incentives, research, and innovation may offset any additional revenue.
Mr. Wong reaffirmed that Singapore will continue prudent financial planning to balance economic competitiveness and social development, ensuring sustainable growth in the years ahead.
