@thehammertok: In his Budget Debate speech, MP Louis Chua (@Louis Chua) highlighted Singapore's robust fiscal position, noting a record year of tax collections in FY2023. Operating revenues surged to $104.3 billion, driven not only by volatile revenues but also by record levels of corporate and personal income taxes, showcasing the resilience of Singapore's economy despite challenging times. Louis proposed structural changes over one-off handouts, urging for revisions to revenue measures such as taxing high-value liquors and increasing gambling duties, while emphasizing the importance of supporting local SMEs through corporate income tax reforms. Moreover, he addressed the pressing issue of retirement adequacy, expressing concerns about the closure of the Special Account after age 55 and advocating for sustainable measures to grow retirement savings. He reiterated calls for Singaporeans to co-invest with the Government's fund manager, GIC, or alternatively, for the implementation of the Lifetime Retirement Investment Scheme (LRIS). By emphasizing structural improvements and long-term solutions, Louis underscored the need for Singapore's fiscal policies to adapt to changing economic landscapes while prioritizing the well-being of its citizens. #wpsg #makeyourvotecount #sgbudget2024

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Monday 26 February 2024 23:30:13 GMT