Commentary: Budget 2021 and how Singapore’s tax system is changing for the better
作者的关键点总结如下:
1) Drawdown $11 billion in Y2021 vs $ 42.7 billion in Y2020, equivalent to a few decades' worth of Budget surplus
2) No tax increase on corporate, individual income taxes or curbs on property purchases, except for petrol taxes, of which the impact is expected to be minimum
3) highlight in corporate tax. Few expect Corporate to increase, given that a worldwide trend of reducing in corporate income tax rate. YA2021 (FY2020) corporate tax collection at $ 13.7 billion, a dip compared to that of YA2020 (FY2019) at $16.7 billion. Reverse growth expected in YA2022 (FY2021) to be $ 18 billion, due to cessation of corporate income tax after seven successful year.
4) likewise for GST trend as compared to corporate income tax. Decrease in YA2021 (FY2020) at $9.9 billion, vs YA2020 (FY2019) at 11.2 billion). Projected YA2022 (FY2021) to be $ 11.3 billion.
5) hike in GST expected to be unavoidable. Despite of postpone the GST rate adjustment to happen in Y2022 to Y2025, government expect an increase in GST tax by introduction on i) low value goods via air and post; & ii) consumer imported services on non digital services including (educational training and fitness training) in Y2023.
6) personal income tax collection continue to be steady, hovering between $12 billion to $ 13 billion. Future attempts to increase the highest personal income tax rate to be 22% on ultra-high income earners. 
7) Significant Infrastructure Government Loan Act to be debated in Parliament, as to allow Government to use long-term bonds to fund infrastructure projects.
