![]() ![]() It also enables us to help our society and economy adjust to the challenges. Doing so enables us to intervene effectively upstream, to avoid more costly interventions downstream. We plan far ahead to prepare for longer-term challenges such as ageing and climate change. Infrastructure is now subsumed under both Social and Economic expenditure to ensure consistency with the Analysis of Revenue and Expenditure document, which breakdowns Ministries Expenditure in 4 categories as shown above.įiscal policy in Singapore is characterised by a strong long-term orientation. ** There were 5 sectoral categories under Ministries Expenditure previously – 1) Social, 2) Infrastructure, 3) Economic, 4) Security and 5) Government Administration. * Refers only to Ministries Expenditure, Excluding Special Transfers and Top-ups to Endowment/ Trust Funds A large part of the increase has gone towards improving the quality, accessibility and affordability of healthcare, for which spending has tripled over the last decade. Today, social spending makes up the largest part of annual government expenditure. Over the last decade, we have almost doubled our social spending from $20 billion in Financial Year (FY) 2010, to $37 billion in FY2019. We also commit a steady amount of spending on security and defence to safeguard our way of life.Īs our society matures and ages, an increasing proportion of public spending has been channelled towards social spending. ![]() We invest heavily in skills, education and infrastructure to develop our people and lay the foundations for long-term economic growth. Public spending is focused on public goods and infrastructure that enable our people and businesses to thrive and grow. ![]() We aim to run balanced budgets over the long term, while ensuring that there are sufficient resources to meet society’s needs. The transfer to the ETF for the previous month's sales are deposited within the first week of the following month.We are committed to maintain a sound and sustainable fiscal system that enables us to realise our long-term plans for Singapore. The tobacco tax is earmarked for the Education Trust Fund (ETF). Tobacco Tax and Settlement - RSA Chapter 78.The Real Estate Transfer tax is assessed on the transfer of real property at the rate of $7.50 per $1,000 of real estate value and is payable by both the buyer and the seller.Ī New Hampshire Supreme Court decision requires the State to provide an adequate public education, and to guarantee adequate funding. Real Estate Transfer Tax - RSA Chapter 78-B.The Meals and Rentals tax is levied on charges by hotels, motels, restaurants, and other eating establishments. Meals and Rentals Tax - RSA Chapter 78-A.In order to be subject to the tax, individuals must have at least $2,400 of interest and dividend income and joint filers must have at least $4,800.īy statute, all liquor sold in New Hampshire must be sold through a sales and distribution system operated by the State Liquor Commission.īeginning in fiscal year 2000, the Lottery Commission remits all net profits to the Education Trust Fund (ETF) on a monthly basis. Interest and Dividends tax is imposed at 5.0% of income received from interest and dividends. Interest and Dividends Tax - RSA Chapter 77.The tax also applies to certain nonprofit health insurers and dental insurers. The Insurance tax is equal to 2% of premiums on policies that insure risks within the State. The Communications tax is assessed monthly at a rate of 7% on two-way communication service billings in excess of $12. The chart below shows the "types" of revenue that are collected for these purposes.ĭollars are estimated in Thousands and reflect Chapter 106, Laws of 2023 (HB1) revenue estimates and does not include adjustments in Chapter 79, Laws of 2023 (HB2) or within the Committee of Conference Surplus Statement.īusiness Taxes are comprised of the Business Profits Tax (BPT) and the Business Enterprise Tax (BET). Unrestricted revenues are those sources of funds for use by the General and Education Trust funds. Also, revenues from Highway, Fish & Game fees, Turnpike Tolls and other "restricted purpose funds" are used only for expenditures within those funds. Federal program revenues are used only for the purposes of those programs. Unrestricted Revenue - General Fund and Education Trust FundĬertain sources of funds are to be used for specific purposes. Source: Chapter 106, Laws of 2023, HB1, Section 1.07 Summaryĭoes not include footnotes and other adjustments from Chapter 79, Laws of 2023 (HB2) Estimated FY 2024 Restricted and Unrestricted Revenue ![]()
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