Three features to look out for in the coming Singapore Budget

Singapore's Finance Minister Lawrence Wong will deliver the Budget statement in Parliament on 18 February. SINGAPORE — Singapore’s Budget Day will be on 18 February when the Finance Minister Lawrence Wong delivers his maiden budget statement in Parliament.

Amidst the favourable economic setting, Singapore’s next budget sits on a delicate confluence of critical challenges even when it charts a path to economic recovery while stabilising the financial situation.Over the past two years, Singapore has accumulated a deficit of more than S$75 billion and drawn down its reserves by S$53.7 billion to fight the pandemic. There is now some urgency to rebuild the fiscal foundation and to even achieve a surplus, however modest.

The question is whether the GST increase will be two-step as some business leaders have appealed for or single-step as many have expected. Both modes have precedents. In 2007, the increase from 5 to 7 per cent was done in one amidst an economic upcycle. Earlier in 2003, that for 3 to 5 per cent was rolled out in two steps during an economic downturn. The situation now is probably closer to the 2007 than the 2003 scenario.

On the sustainability front, a top-of-agenda issue is the next step on the carbon tax. It is currently at S$5 per tonne of greenhouse gas emissions for facilities producing 25,000 tonnes or more of emissions until 2023 . The rate for 2024 will be announced at this coming budget, probably together with what to expect up to 2030.

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