Singapore, Feb. 27: Singapore’s Finance Minister, Mr. Hon Sui Sen, introduced yesterday a no-tax budget with surplus of Singapore dollars 20 millions for April 1972-March 1973. Estimated expenditure is $2,774 millions, of which $821 millions will be for statutory authorities, for public utilities and $632 millions for defence and internal security, which is about 10 per cent less than last year.
The estimated revenue is $1,875 millions made up of $554 millions from income and payroll taxes, $545 millions from customs and import duties and $571 millions from sale of goods, services and administrative fees of Government Department.
Because of the robust rate of economic growth Mr. Hon said there was little or no need for additional taxation.
Duties on liquor, tobacco, petroleum products, other import duties and taxes on motor vehicles were increased in October last year after general elections.
Mr. Hon said an unhealthy aspect of the economy last year was the very large increase in domestic money supply beyond desirable limits due to speculative inflow.
It is understood that speculators in land and stocks and company take-overs were from Hong Kong, Indonesia, Taiwan and to some extent Uganda.
