Singapore’s deputy prime minister, Lawrence Wong, who is likely to become Singapore’s next prime minister, said on Wednesday that the wealthy would seek more inclusive growth as the government seeks ways to shield the most vulnerable from the effects of high inflation. He hinted at the possibility of raising taxes on the strata.
Deputy Prime Minister Wong, 49, said in an interview with John Micklethwaite, Editor-in-Chief of Bloomberg News, that while the inequality in income distribution reflected in the Gini coefficient has been shrinking, the government is “moving in the direction of more inclusive growth.” He acknowledged that there is probably a need to steer a little more.
Singapore governmentTax hike for top 1% of wealthiest peoplehas already been introduced, but the budget deficit for this fiscal year is expected to be around 0.5% of gross domestic product (GDP), requiring more financial resources to support inflationary measures.
Source: Bloomberg
Original title:
news-rsf-original-reference paywall">Singapore’s Wong Signals Rich May Have to Pay More Taxes (1)(excerpt)