Experts: Room to adjust tax system; levy more “wealth taxes”

Although Singapore’s financial performance has been in good shape the past two years, future tax prospects is not clear, and spending is expected to rise. In this context, economists believe that the country still has room to rebalance the tax system, such as imposing more “wealth taxes.”  Assoc Prof of Economics at NTU, Dr Laura Wu, said that local small and medium-sized enterprises face competition from Chinese companies. Although competition can enhance the overall interests of the economy, however, the distribution of benefits is uneven and cannot benefit all businesses equally. However, the budget this year provided a buffer for small and medium-sized enterprises, she explained.

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