When it comes to personal finance, we are always reminded that while our needs and wants are infinite, but our budget is not. The same can be said when it comes to budgeting on a national level. Like it or not, a country can only spend what it has.
The government needs to decide on what it should spend its revenue on. As a country, we can choose to 1) spend more on people on its people today, 2) invest in its future generation by allocating more funds to education and training or 3) seek continuous improvements by investing in our country’s infrastructure.
So, while we all love and appreciate roads, schools, government subsidies, these and other government expenditure are paid for with taxes.
Here is an overview of the various types of taxes that are collected in Singapore and how they are used to keep Singapore going for years to come.
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