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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