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Bank of America estimates Singapore's 2022 GDP to grow 5.2%; country to punt on wealth taxes this year

Bloomberg
Bloomberg1/19/2022 10:57 AM GMT+08  • 2 min read
Bank of America estimates Singapore's 2022 GDP to grow 5.2%; country to punt on wealth taxes this year
Singapore's budget, to be released Feb 18, will be closely watched for details on bolstering government revenues, says BofA.
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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.

“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.

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