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Singapore’s Wong Signals Rich May Have to Pay More Taxes

  • Wong sees inflation peaking by year-end before stabilizing
  • He flagged growth risks next year after 2022 forecasts trimmed
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Wong Signals Singapore's Rich May Face Higher Taxes
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Singapore’s next prime minister signaled that the wealthy may face more taxes as the government seeks more inclusive growth in the city-state and looks for ways to shield the most vulnerable groups from the impact of high inflation.

While the country’s income inequality based on the Gini coefficient has been narrowing, the government probably needs to “lean some more in the direction of more inclusive growth,” Lawrence Wong, 49, the country’s deputy prime minister, said in an interview with Bloomberg News Editor-in-Chief John Micklethwait on Monday. He was referring to an index developed by Italian statistician Corrado Gini in 1912.