Singapore Hiking Tax on Pricey Property After Wealth Influx
- City-state to also increase levy for tobacco, high-end cars
- Singapore faces growing health-care and housing costs
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Singapore will raise taxes for buyers of higher-value properties and luxury cars, as it tackles a growing wealth gap brought on by the arrival of rich families.
The city-state will also increase levies on tobacco in an attempt to boost income and reduce inequality, Finance Minister Lawrence Wong said in his Budget speech on Tuesday.