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In parliament on Monday (July 4), Pritam Singh asked about the government’s budget situation and whether there might be room to provide more financial assistance to low- and middle-income families.
Mr Singh pointed out that the government collected even more revenue in fiscal year 2021 than in fiscal year 2019 before the Covid-19 pandemic hit.
Leader of the Opposition and leader of the Workers’ Party Pritam Singh (Aljunied GRC) posed his questions to the Minister of Finance. Mr Singh said tax revenue was $74.76 billion last year, more than 10% up from $67 billion in 2019, and stamp duty collection has hit $6.7 billion in the last fiscal year, up 61% from 2019.
Stamp duty collection has increased by 61% over the same period, reaching $6.7 billion for fiscal year 2021, ending in March this year. He asked for the minister’s assessment of the government’s current fiscal situation and the scope it had to introduce more cost-of-living support measures for low- and middle-income families and small businesses in Singapore. .
Deputy Prime Minister and Finance Minister Lawrence Wong said the increase in revenue received was largely due to real estate and auto deals, which are sentiment-based and may not happen year after year, while that the drop in spending was somehow due to fortune as the Covid-19 Omicron wave turned out to be milder than expected.
“Let’s not rely on these one-off cases to fund our longer-term structural spending increases,” he added. /TISG
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