Tax & Spend
Singapore Sees Budget Surplus Amid Handouts Pre-Transition
- FY 2023 budget deficit set to be widest since pandemic
- Government unveils raft of support for households, companies
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Singapore expects its budget to swing back to a surplus in the fiscal year beginning April, as recent tax increases shore up revenue and help pay for social assistance seen as priority for the city-state’s new generation of leaders.
The surplus would be about S$800 million ($594 million), or equivalent to 0.1% of gross domestic product, Finance Minister Lawrence Wong said in his budget speech to Parliament on Friday.