The government will continue to monitor fiscal styles carefully and release Singapore’s medium-term forecasts, said Mr Wong.
“ In the meantime, we may spend properly and ensure resources are allocated efficiently. ”
If and when there is more revenue, Singapore may set it to “good use”, said the Prime Minister.
THE BUDGET IN NUMBERS
Singapore’s revenue for 2025 is estimated to be S$ 122. 8 billion ( US$ 91. 4 billion ), 5. 3 per share or S$ 6. 2 billion more than the earlier year’s revised quotes.
The increase is anticipated to result from higher corporate income tax collections, personal income tax collections, goods and services tax ( GST ), customs excise and carbon taxes, and other sources.
Total cost is thought to be S$ 123. 8 billion, up 9. 6 per cent or S$ 10. 9 billion from the updated 2024 figure.
The estimated budget for this year is S$ 143 when ministry expenditures are combined with other components like special transfers and the effects of the Significant Infrastructure Government Loan Act are taken into account. 1 billion, up from S$ 134. 2 billion next month.
The Ministry of Health, the Ministry of Defense, and the Ministry of Trade and Industry each have the highest state consumption increases.
Social spending is anticipated to account for about half of the total cost, at S$ 61. 3 billion. The cost of security and additional connections is S$ 33. 2 billion, while monetary spending is set to come in at S$ 24. 5 billion. The cost of federal administration is anticipated to be S$ 4. 7 billion.
The S$ 27 is anticipated to be made from the net investment returns contribution ( NIRC ). 1 billion this month, 12. 9 % more than the 2024 revised number.
Ultimately, the final budget status is anticipated to have a surplus of S$ 6. 8 billion, or 0. 9 per share of GDP.
That is roughly the same as the glut from the past fiscal year, which was revised to S$ 6. 4 billion, up from the estimate of about S$ 800 million.
In the fiscal year 2024, the state generated more profit than anticipated, with operating income rising to S$ 116. 6 billion, 7. 3 per share or S$ 8 billion more than estimated.
Total spending increased 1 percent, or S$ 1, or 2 billion to S$ 112. 9 billion, driven in part by public accommodation demands and defence spending.
Due to reduced requirements for COVID-19 and a lower-than-expected take-up level for group care earnings enhancement techniques, the government spent less on care.
“A important facilitator for Singapore’s continued victory is sound and healthy public finances, ” said Mr Wong. We accomplish this by operating a sensible resources over each word of government and living within our means.
This entails making wise purchases to meet our immediate and future demands, making sure that our incomes cover costs, and keeping the tax burden as low as possible while avoiding a debt problem for Singaporeans. “