“Given the early stage of the review and the risk of over-tightening the fiscal stance with multiple tax hikes, we do not expect any concrete wealth taxes,” Mohamed Faiz Nagutha, a Singapore-based economist, wrote in a research note Wednesday.
Singapore is unlikely to include specific plans on anticipated wealth taxes in its upcoming budget, according to Bank of America Corp., which sees future steps targeting physical assets and inter-generational transfers rather than financial assets.
The city-state’s budget, to be released Feb 18, will be closely watched for details on bolstering government revenues, including a rise in the Goods and Services Tax, after two years of pandemic-fighting government spending.
