Singaporeans Should Likely Brace for Tax Hikes [Bloomberg Business News]
Bank of America Corporation (BAC)
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Source: Bloomberg Business News
It looks increasingly a done deal that Singaporeans should brace for big tax changes in this year’s budget. All 12 economists in a Bloomberg survey conducted Jan. 22-31 said they expect tax hikes of some kind to be announced when Finance Minister Heng Swee Keat gives his budget speech on Feb. 19. The government has already prepared Singaporeans for the change, arguing it needs higher revenue to pay for healthcare and social services as the population ages rapidly, as well as infrastructure plans. Almost all the economists surveyed expect an adjustment to the goods-and-services tax, but only six said it will probably be imposed as soon as this year. Five are betting on 2019 or later. Read More: Singapore Has More Tax Options Than a GST Hike in 2018 Budget At first glance, Singapore’s balance sheet seems to be in great shape. As of 2016, the Lion City was the global winner by far for its current account surplus -- at 19 percent of gross domestic p
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