• Singapore increased duties levied on tobacco and liquor products, and will raise taxes on lottery betting to avoiding excessive consumption or indulgence in these.
• Raising sin taxes in lieu of wealth taxes to help fund greater social spending—such as improved health-care benefits for elderly citizens
• For the fiscal year starting April 1, the government is planning to run a S$1.16 billion deficit—its first deficit since fiscal year 2009—partly to help fund more than S$9 billion in health care and other benefits to be provided to about 450,000 elderly citizens aged 65 or older.
Reuters
Singapore increased duties levied on tobacco and liquor products on Friday, and will raise taxes on lottery betting from July, Deputy Prime Minister Tharman Shanmugaratnam told Parliament his annual budget speech.
He said the move was “in line with our social objective of avoiding excessive consumption or indulgence in these areas.”