SINGAPORE - Workers' Party MP Jamus Lim (Sengkang GRC) has proposed imposing a wealth tax of 0.5 per cent to two per cent on the most wealthy here, saying that it could help diversify Singapore's revenue sources and also reduce income and wealth inequality. While Singapore's overall tax system may be progressive - with the rich taxed much more than.
SINGAPORE - Parliament on Monday (April 5) approved a contribution of US$20.57 million (S$27.7 million) to help low-income countries tackle the economic fallout of the pandemic, with Transport Minister Ong Ye Kung stressing that Singapore needs to do its part in an interdependent world.
The money will go to three initiatives under the International Monetary Fund (IMF). These are the Catastrophe Containment and Relief Trust, the Covid-19 Crisis Capacity Development Initiative and the Trust for Special Poverty Reduction and Growth Operations for the Heavily Indebted Poor Countries.
The first two funds aim to provide debt relief for the IMF s poorest member countries and help them meet urgent capacity development needs, while the last involves a US$970,000 grant to support the IMF s US$344 million financing package for Somalia s debt relief.