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Singapore’s Lee Signals New Tax Details to Come in Next Budget

  • Government needs to start moving on raising more revenue: Lee
  • Prime Minister ‘quietly confident’ about coping with Omicron
Lee Hsien Loong

Lee Hsien Loong

Photographer: Bryan van der Beek/Bloomberg

Singapore Prime Minister Lee Hsien Loong signaled Friday that tax changes are likely to be announced in the upcoming budget in February as the government seeks to lay the groundwork for its future spending.

“We have seen this need coming for some years,” Lee said in his annual New Year’s address, citing funds needed for social programs and expanding its healthcare system. “Now that our economy is emerging from Covid-19, we have to start moving on this.”