Singapore Is Said to Canvass Wealth Circles on Tax Ideas

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Finance ministry says continues to study wealth tax options

This photograph taken on June 14, 2021 shows people sitting next to a pond with the view of the skyline in Singapore. - A financial exchange offering carbon credits and investments in conservation projects is set to launch in Singapore, but it may struggle to convince sceptics of the value of controversial carbon offsets. - TO GO WITH Singapore-market-climate, FOCUS by Martin Abbugao and Sam Reeves (Photo by Roslan RAHMAN / AFP) / TO GO WITH Singapore-market-climate, FOCUS by Martin Abbugao and Sam Reeves (Photo by ROSLAN RAHMAN/AFP via Getty Images)Photographer: ROSLAN RAHMAN/AFP

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By Faris Mokhtar and Joyce Koh

October 7, 2021 at 9:03 AM UTC

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Singapore’s government has been soliciting feedback on its tax regime, including having conversations around wealth taxes, as discourse grows around this potentially sensitive topic.

While the government regularly consults various industry groups on fiscal policies, the talks around such taxes appear to have picked up pace following comments by the central bank’s chief in July that expanding levies on the rich may be needed to address wealth disparity.