Analysis of Revenue and Expenditure( 3,859 KB, 97 KB)
Revenue and Expenditure Estimates( 7,083 KB)
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FISCAL POSITION IN FY2023
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| Revised FY2022 | Estimated FY2023 | Change Over Revised FY2022 | ||
| $billion | $billion | $billion | % change | |
| OPERATING REVENUE | 90.28 | 96.70 | 6.42 | 7.1 |
| Corporate Income Tax | 22.74 | 24.26 | 1.52 | 6.7 |
| Personal Income Tax | 15.38 | 16.84 | 1.46 | 9.5 |
| Withholding Tax | 2.12 | 2.21 | 0.09 | 4.4 |
| Statutory Boards' Contributions1 | 1.45 | 0.57 | (0.88) | (61.0) |
| Assets Taxes | 5.06 | 5.55 | 0.48 | 9.6 |
| Customs and Excise Taxes | 3.48 | 3.73 | 0.24 | 7.0 |
| Goods and Services Tax | 14.46 | 17.38 | 2.92 | 20.2 |
| Motor Vehicle Taxes | 2.27 | 2.54 | 0.27 | 11.9 |
| Vehicle Quota Premiums | 3.87 | 3.88 | 0.01 | 0.4 |
| Betting Taxes | 2.83 | 2.84 | 0.01 | 0.4 |
| Stamp Duty | 5.82 | 5.75 | (0.07) | (1.2) |
| Other Taxes2 | 6.36 | 6.63 | 0.27 | 4.3 |
| Fees and Charges (Excluding Vehicle Quota Premiums) | 3.88 | 3.95 | 0.07 | 1.7 |
| Others | 0.56 | 0.58 | 0.02 | 4.0 |
| Less: | ||||
| TOTAL EXPENDITURE | 106.95 | 104.15 | (2.80) | (2.6) |
| Operating Expenditure | 86.32 | 83.62 | (2.70) | (3.1) |
| Development Expenditure | 20.63 | 20.52 | (0.10) | (0.5) |
| PRIMARY SURPLUS / DEFICIT3 | (16.67) | (7.45) | ||
| Less: | ||||
| SPECIAL TRANSFERS4 | 9.16 | 19.58 | 10.42 | 113.7 |
| Special Transfers Excluding Top-ups to Endowment and Trust Funds | 2.91 | 2.76 | ||
| COL Special Payment | 1.13 | 1.33 | ||
| CDC Vouchers | 0.41 | 0.60 | ||
| Other Transfers5 | 1.37 | 0.84 | ||
| BASIC SURPLUS / DEFICIT6 | (19.58) | (10.21) | ||
| Top-ups to Endowment and Trust Funds | 6.25 | 16.82 | ||
| National Productivity Fund7 | - | 4.00 | ||
| GST Voucher Fund | 2.40 | 2.40 | ||
| Progressive Wage Credit Scheme Fund | 2.80 | 2.40 | ||
| Top-ups to Endowment Funds8 | - | 2.30 | ||
| Changi Airport Development Fund | - | 2.00 | ||
| Trust Fund for the Employment Credit Schemes | - | 1.50 | ||
| National Research Fund | 0.90 | 1.20 | ||
| Other Funds9 | 0.15 | 1.02 | ||
| Add: | ||||
| NET INVESTMENT RETURNS CONTRIBUTION | 21.61 | 23.48 | 1.87 | 8.7 |
| OVERALL BUDGET SURPLUS / DEFICIT | (4.22) | (3.55) | ||
| Add: | ||||
| CAPITALISATION OF NATIONALLY SIGNIFICANT INFRASTRUCTURE | 2.28 | 3.53 | 1.25 | 54.8 |
| Less: | ||||
| DEPRECIATION OF NATIONALLY SIGNIFICANT INFRASTRUCTURE | - | - | - | - |
| SINGA INTEREST COSTS AND LOAN EXPENSES10 | 0.09 | 0.33 | 0.24 | 256.0 |
| OVERALL FISCAL POSITION | (2.04) | (0.35) | ||
Footnotes:
Note: Due to rounding, figures may not add up. Negative figures are shown in parentheses.
- To reduce annual volatility, Statutory Boards’ Contributions (SBC) from MAS in a given financial year are calculated as the average of “Contribution to Consolidated Fund” reported in MAS’ financial statements for the preceding three years.
- Prior to 1 August 2022, Other Taxes include the Foreign Worker Levy, Water Conservation Tax, Development Charge and Annual Tonnage Tax. From 1 August 2022 onwards, the Development Charge has been replaced by the Land Betterment Charge.
- Surplus / Deficit before Special Transfers (including Top-ups to Endowment and Trust Funds), Net Investment Returns Contribution, Capitalisation and Depreciation of Nationally Significant Infrastructure, and SINGA Interest Costs and Loan Expenses.
- Special Transfers including Top-ups to Endowment and Trust Funds.
- Other transfers in FY2023 include GST Voucher Special Payment, Top-ups to Edusave and Post-Secondary Education Accounts, Top-ups to Child Development Accounts, CPF Transition Offset, CPF MediSave Top-ups, Jobs Support Scheme, Top-ups to self-help groups, Productivity and Innovation Credit, Rental Support Scheme, Wage Credit Scheme, Cash Grant to Mitigate Rental Costs, Cash Rebate for School Buses.
- Surplus / Deficit before Top-ups to Endowment and Trust Funds, Net Investment Returns Contribution, Capitalisation and Depreciation of Nationally Significant Infrastructure and SINGA Interest Costs and Loan Expenses.
- The mandate of the National Productivity Fund will be expanded in FY2023 to include investment promotion.
- Consists of Medical Endowment Fund, ElderCare Fund, and Community Care Endowment Fund.
- Consists of Community Silver Trust Fund, Public Transport Fund and Cultural Matching Fund.
- SINGA Interest Costs and Loan Expenses include the annual effective interest costs (which is computed based on the yield to maturity multiplied by the face value of the bond) and other ancillary loan expenses incurred in connection with the SINGA. It excludes principal repayment and transfer of loan discount to Development Fund. It is different from the Debt Servicing and Related Costs presented in the Expenditure Estimates and Annex to Expenditure Estimates for Head Y. In FY2021, SINGA Interest Costs and Loan Expenses was positioned above the Overall Budget Surplus/Deficit in the Fiscal Position Table. It has been shifted below the Overall Budget Surplus/Deficit together with the other items that are also associated with the SINGA.