Mr Heng Swee Keat delivered the Budget Statement in Parliament on 18 Feb, announcing various tax and policy changes aimed at building a long-term and fiscally sustainable future.
The proposed amendments to the GST Act and SD Act will be incorporated into a Variable Capital Companies (Miscellaneous Amendments) Bill 2019.
An understanding of moral philosophy arguments can help drive good tax policy to alleviate inequality.
Wealth taxes should ideally target fixed assets like property instead of levying inheritances or other holdings as most household wealth here is held in the form of property, said Finance Minister Heng Swee Keat.
The author says taxing inheritances is unfair and will open a can of worms of financial avoidance mechanisms and sometimes fraud.
She proposed looking into the option of a wealth and inheritance tax for ultra-high net worth individuals, or the top 1 to 2 per cent of society.
The 2019 Singapore Budget is clearly supportive of the local asset and wealth management industry and it positions Singapore well amongst its international peers.
Extension of other tax perks also cheered, but some say Budget moves may not be enough to draw trust and Reit listings, especially from aircraft leasing sector.
All the main producing plants in the power-generation sector are expected to be hit by the new carbon tax, which will be S$5 a tonne from this year till 2023, going up to S$10-S$15 a tonne by 2030.
Attempting to determine the taxable revenues of a digital business - especially one that crosses borders - can be tricky, at best. Coming up with a mechanism that is both comprehensive and equitable is an even greater challenge.
Under the new rules, returning travellers will be entitled to only two litres of wine, beer or a combination of the two, or a litre of spirits and a litre of either wine or beer duty-free.
At the same time, the annual Special Tax for diesel-powered cars and taxis will be reduced further by $100 and $850, respectively, from Feb 18.
Analysts say impact mitigated by alternatives; schemes had been reviewed for relevance.