As Singapore heads toward the May 3 general election, the ruling People’s Action Party (PAP) faces pressure to tackle wealth inequality and support the working class while preserving the city-state’s appeal to the global super-rich. The PAP has avoided sweeping wealth taxes, arguing that steep increases in personal or corporate taxes could harm investor confidence and drive wealthy individuals away. Instead, the government has gradually raised taxes on luxury goods and high-value properties, including higher personal income tax rates for top earners, increased property taxes on expensive homes, and higher duties on luxury cars—measures aimed at ensuring the wealthy contribute more without undermining Singapore’s status as a leading wealth hub
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