\n<\/p>\n
Ms Pereira also raised the burden of property taxes on elderly residents in private estates, suggesting that given Singapore’s budget surplus, taxes could be better calibrated with longer-term support for owner-occupiers, especially retirees.<\/p>\n
\u201cThe anxiety is real, especially as they are no longer earning an income, and yet face increasingly higher property taxes that they are paying for, out of their own savings,\u201d she said.<\/p>\n
But MP Xie Yao Quan (PAP-Jurong Central) flagged growing pressure on Singapore’s finances, citing a Ministry of Finance projection that government spending will increase to around 19.5 per cent of gross domestic product by 2030.<\/p>\n
While total revenue is estimated at 19.4 per cent of GDP in 2026, Mr Xie said it was unclear whether that figure could serve as a reliable guide for future years.<\/p>\n
To meet long-term spending needs, he argued that Singapore should tax assets more significantly. Asset-related taxes \u2013 comprising property tax and estate duty \u2013 currently stand at an estimated 0.9 per cent of GDP for the 2026 financial year.<\/p>\n
\u201cWe should aim to raise property tax collections to 1.2 per cent of GDP in the long term, and focus on the top tier of residential properties,\u201d he said.<\/p>\n<\/div>\n