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It is not about having more types of wealth taxes per se: Indranee Rajah

The Government is constantly looking for ways to be able to supplement our revenue but to do that in a way that strikes the right balance.

On wealth taxes, Second Minister for Finance Indranee Rajah said that it is not about having more types of wealth taxes per se.

Rather, what matters is having wealth tax policies that work in the context of each jurisdiction. She was responding to WP Jamus Lim's proposal of a wealth tax.

"Take, for example, Switzerland, which has a net wealth tax, estate duty and property-related tax. In total, their wealth tax revenue is about 1.9% of GDP. This is comparable to Singapore's wealth tax revenue at about 1.8% of our GDP," she said.

The Government will continue to review the wealth tax.

"The question has never been one of whether we want to tax wealth but a practical one, of how to do so effectively such that it cannot be avoided easily," she said.

"At the end of the day, I think we do not have any issue with wealth taxes per say. We just want to make sure that whatever we put in place actually works."

"It must be remembered that wealth can move. Talent, both Singaporean as well as foreign, can move. Companies can move.

So, we have to tax in a way that is competitive and allows people and companies to generate revenue in order to encourage them to stay here and that revenue can then be used and reallocated and distributed."

Governing a country responsibly is not easy especially in uncertain times: Chan Chun Sing

Governing a country responsibly is not easy especially in uncertain times.

Education Minister Chan Chun Sing shared some thoughts in his opening address and keynote speech at the 8th Singapore-China Forum on Leadership.

To avoid irrelevance, mindsets , systems, processes have to evolve with changing circumstances: Chan Chun Sing

Opening Address and Keynote Speech by Mr Chan Chun Sing, Minister for Education and Minister-in-charge of the Public Service at the 8th Singapore-China Forum on Leadership.

Nothing is set in stone. Change is the only constant. To avoid irrelevance, mindsets , systems, processes etc have to evolve with changing circumstances.

What worked in a set of circumstances may not work in different circumstances.