Singapore’ finance minister said that Singapore is looking at a broad range of wealth taxes “very closely,” which includes taxes capital gains, dividends and a net wealth tax on individuals.
that"ideally, we would want to tax the net wealth of individuals. But such a tax is not easy to implement effectively." He pointed out that other countries also face challenges doing so.
"So we continue to study these options. We don't rule anything out in that sense," he told CNBC."But I think we also have to be practical and that's why in the budget, we decided to impose ... wealth taxes through ... the existing means, which means property and luxury cars." Currently, property taxes are Singapore's"principal means of taxing wealth," Wong said in his budget speech.The finance minister also addressed the impact of the 15% global minimum corporate tax rate on Singapore, known for being one of the most tax-friendly countries to businesses.corporate tax rate of 15%
"But we have never relied only on taxes to compete for investments," Wong told CNBC."What it means for [Singapore] is that we have to redouble our efforts to strengthen our non-tax competitive factors." That will include the city-state's infrastructure, the capabilities of its workforce and overall strengthening its business environment to be more attractive, he said.
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