Public finance is under the purview of the Ministry of Finance. The Ministry of Finance is in charge of Singapore’s fiscal policy, including tax policies.
Tax policy is an integral part of fiscal policy. Sound tax policies play an important role in ensuring that Singapore’s public finances are sustainable in the longer term to support social objectives, promote economic development, and fulfil our role as a responsible international tax jurisdiction.
The main goals of Singapore’s tax policy are to:
a) Fund government spending in a sustainable manner through a resilient and diversified tax structure;
b) Promote quality growth and support the Government’s economic objectives E.g. encourage productivity and innovation, as well as internationalisation;
c) Ensure a fair and equitable tax system that supports the Government’s social objectives E.g. through a progressive system of taxes and benefits, encourage individuals’ effort and enterprise by keeping the tax burden at a reasonable level;
d) Build a trusted and reputable tax regime.
Singapore relies on a combination of direct and indirect taxes (such as corporate and personal income tax, and property tax) and indirect taxes (such as customs and excise duties and Goods and Services Tax) to support government expenditure. This broadens the tax base and allows the Government to implement initiatives to strengthen our social cohesion and grow our economy.
The Ministry of Finance oversees the following tax policies:
- Personal Income Tax
- Corporate Income Tax
- Goods and Services Tax
- Property Tax
- Stamp Duty
- Betting Taxes
- International taxation