Singapore PM Tables National Budget, Focusing On Next Phase Of Growth
SINGAPORE, Feb 18 (Bernama) -- Singapore’s Prime Minister and Finance Minister, Lawrence Wong, has presented the republic’s financial year 2025 Budget Statement today, aimed at advancing the Forward Singapore agenda.
The Budget is intended to build momentum for the country’s next phase of growth as Singapore celebrates its 60th year of independence (SG60) this year.
Delivering his first Budget as prime minister, Wong announced various incentives and relief measures set out to tackle cost pressures, advance the growth frontier, equip workers, build a sustainable city, nurture a caring and inclusive society, and rally Singaporeans as one united people.
“This Budget builds on previous Budgets, not only to address today’s challenges but to plan for and secure Singapore’s future.
“Budget 2025 is a Budget for all Singaporeans,” he said when delivering the Budget Statement, themed “Onward Together for A Better Tomorrow”, in Parliament.
Wong said for the financial year 2025 (FY2025), the republic expects a surplus of S$6.8 billion (S$1=RM3.31) or 0.9 per cent of its gross domestic product (GDP).
He added that the country’s revenue collections for FY2024 were better than expected, with Corporate Income Tax now the single largest contributor to total revenue.
In an annexe released to the media, the operating revenue for FY2025 is estimated at S$122.78 billion as against the estimated total expenditure of S$123.79 billion.
Operating expenditure for FY2025 is estimated at S$97.03 billion while development expenditure is estimated at S$26.76 billion.
Wong said to tackle cost pressures, the government will, among others, give S$800 vouchers to every Singaporean household and up to S$760 rebates to help eligible households cope with utility expenses.
He also announced the SG60 package as a recognition of Singaporeans’ contribution to nation-building, including a personal income tax rebate of 60 per cent for the year of assessment 2025 capped at S$200, as well as up to S$800 in vouchers.
Meanwhile, a 50 per cent corporate income tax rebate will also be introduced to provide support for companies’ cash flow needs as they continue to adjust to higher costs of rent and labour.
Wong said Singapore will also introduce tax incentives for Singapore-based companies and fund managers that choose to list in Singapore and grow their economic activities here.
“I will also introduce a tax incentive for fund managers who invest substantially in Singapore-listed equities to encourage more investment in our capital markets,” he said.
Wong also noted Singapore will proactively study the potential deployment of nuclear power in the country and take further steps to systematically build up capabilities in this area to address its resource constraints.
He also announced an additional S$5 billion to the Future Energy Fund established last year to support the undertaking to secure clean power for Singapore.
-- BERNAMA