SINGAPORE: A windfall from stamp duties and vehicle-related taxes will hand the government a bigger than budgeted surplus for fiscal year 2012.
However, the revenue growth is expected to slow this upcoming financial year.
The government is projecting an overall budget surplus of S$2.4 billion or 0.7% of GDP for FY2013 starting 1 April.
The government is expecting to post a higher-than-expected surplus of S$3.9 billion or 1.1 percent of Singapore's GDP for FY2012.
But the government is expecting to collect lower revenue for FY 2013.
It is forecasting operating revenue of S$55.03 billion, a 0.3 percent decrease from FY 2012.
However, Net Investment Returns Contribution (NIRC) is projected to increase 0.7% to S$7.7 billion, from S$7.65 billion the previous year.
The NIRC will be used to fund S$5.6 billion in top-ups to endowment and trust funds, including the GST Voucher Fund.
For the new financial year, corporate income tax will amount to S$12.94 billion, about 1.5 percent increase from the previous year.
Personal income tax will generate another S$7.56 billion in revenue, a decline of 1.2% after factoring in personal income tax rebates.
Revenue from "Other Taxes" is forecast to grow 19.8% to S$5.14 billion, attributed mainly to higher foreign worker levy collections.
And with the property market expected to cool, stamp duty collections are projected to fall 26.2% to S$3.1 billion in FY 2013.
A new tiered Additional Registration Fee structure will raise registration fees for cars with open market value of S$20,000 and above.
But a one-year 30% road tax rebate for goods vehicles, buses and taxis will reduce collections for motor vehicle taxes by 12.1% to S$1.6 billion from the revised FY2012 estimate.
Collections from vehicle quota premiums are expected to drop 11.8% to S$2.4 billion.
Collections from Betting Taxes are expected to remain flat, at S$2.3 billion.
The government also expects a 10.4% decrease in revenue from withholding tax, at about S$1.14 billion.
- CNA/ir
Budget 2013: Govt projects budget surplus of S$2.4b for FY2013
This article
Budget 2013: Govt projects budget surplus of S$2.4b for FY2013
can be opened in url
http://newsallegretto.blogspot.com/2013/02/budget-2013-govt-projects-budget.html
Budget 2013: Govt projects budget surplus of S$2.4b for FY2013
