Tax & Spend
Here Are the Winners and Losers From Singapore’s Budget
- Increase in handouts is positive for consumer stocks: Aletheia
- Higher taxes may weigh on property and multinational firms
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Singapore’s budget measures to address the city-state’s high cost of living may benefit stocks tied to consumers, while the property sector and multinational companies may suffer as a result of higher taxes.
In his speech on Tuesday, Finance Minister Lawrence Wong said the government will increase handouts to citizens to help offset a higher goods and services tax and rising living costs. On the other hand, taxes were raised on higher-value property, multinational firms, and luxury cars. The benchmark Straits Times Index fell as much as 1.4% Wednesday after ending little changed after the budget speech.