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Singapore Budget 2019 – Diesel Tax Hike

2019-03 BT - Budget 2019 - Diesel Tax - headline

I would say this is the only new initiative in Budget 2019 that actually ask its subjects to contribute to the revenue side of the budget.

The government has been able to fund all of its expenditures using its existing sources. Generally, existing sources are from tax revenue (funding about 70% of total expenditure), govt fees and income, and net investment returns from Temasek, GIC and MAS.

As the incremental revenue from this initiative is deemed not material in dollar value, it would represent a steady recurring source of income to the Government while the tax is touted to be a green initiative.

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