Why 2013 was better than expected for the Singaporean taxman

All thanks to an impressive 4% economic growth.

According to CIMB, with the Singapore economy expanding by about 4% last year vs. 2012’s 1.3%, the government is likely to report operating revenue of about S$56.6bn (+1.3%), stronger than its year-ago estimate of S$55.0bn (-1.4%).

With total spending (operating and development) projected to reach S$53.7bn (+9.6%) vs. its year-ago estimate of S$53.4bn (+9.0%), an operating fiscal balance of S$2.8bn (0.8% of GDP) can be expected for FY13 (vs. its year-ago forecast of S$1.6bn or 0.4% of GDP).

Here's more from CIMB:

After taking into account NIR and Special Transfers, there could be a budget surplus of about S$3.6bn (1% GDP) vs. its projected surplus of S$2.4bn (0.7% of GDP).

As the economy is expected to grow a slower 2-4% this year, we expect the government to project a lower operating fiscal surplus of S$0.5bn (0.1% of GDP).

This is also partly due to increased spending for operational and developmental needs. After taking into account NIR and Special Transfers, there could be a balanced budget for FY14.

Also Read

Four in 10 S’poreans say superiors recognise importance of payments

1 in 2 workers comfortable discussing mental health with mgmt: survey

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit