Singapore’s annual budget is prepared for each financial year, which begins on 1 April of every calendar year and ends on 31 March of the next calendar year. The budget includes the revised government revenue and expenditure projections for the current financial year, as well as the planned government revenue and expenditure in the coming financial year. Singapore’s 2014 budget statement will be delivered in Parliament on 21 February 2014.
The budget public consultation process opened in November 2013, and ended in late January 2014, followed by presentation of the budget to the Cabinet for approval and then delivery of the budget statement to Parliament. As the government may need to raise further tax revenue there is a possibility of increases in indirect taxes. Another possibility is that the threshold for the highest rate of personal income tax could be lowered.
