Singapore minister says need to counter rising wealth inequality

A man cycles past the city skyline in Singapore on October 13, 2021. - AFP

SINGAPORE, Oct 15 (Bloomberg): Singapore needs to guard against rising inequality and is studying options to expand its system of wealth taxes, said the country’s finance minister.

The country’s policies should continue to promote broad-based wealth accumulation, and the options being deliberated mustn’t undermine competitiveness, Lawrence Wong said in a wide-ranging speech at the Singapore Economic Roundtable on Friday, where he elaborated on the challenges posed by inequality, an aging population and an impending climate crisis.

As Singapore considers different ways to raise more revenue to fund these needs, Wong said a planned increase in the goods and services tax between 2022 and 2025 wouldn’t be deferred.