Singapore’s Car Permits, Sovereign Wealth Funds Help Surplus
- The city-state is expecting a budget surplus for FY 2025
- Vehicle quota premiums brought in S$6.54 billion in FY 2024
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The Singapore government sourced billions of dollars more than it initially expected from the auction of near-record high car permits, income tax and contributions from its state wealth funds, according to budget data released on Tuesday.
The financial hub’s national budget showed that vehicle quota premiums brought in S$6.54 billion ($5 billion) for the city-state in fiscal 2024, which was S$1.82 billion more than the Ministry of Finance initially expected.