SINGAPORE, July 4 : Singapore collected more taxes and saved more money last year than originally projected, which was precisely why the Government was able to mount the recent S$1.5 billion support package to help people cope with inflation, and fund it from its current budget, said Deputy Prime Minister and Finance Minister Lawrence Wong.
Specifically, tax revenue came up to $74.76 billion last year, more than 10 per cent higher compared with the $67 billion in 2019, and stamp duty collection hit $6.7 billion in the last fiscal year, 61 per cent higher than in 2019, said Pritam. Louis Chua , meanwhile, wanted to know exactly how much of household spending the support package will offset given that the Monetary Authority of Singapore's projections on inflation had gone up from 2.5 per cent to 3.5 per cent in January to 4.5 per cent to 5.5 per cent now.
Given that Singapore's economy is running above potential, this could result in even higher inflation, he added. To these questions, Wong said the design of the AA$1.5 billion package was targeted to help those who are most affected by rising prices.
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