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3 Unique Things About Singapore’s Budget 2017

Unique Things About Singapore’s Budget 2017
Unique Things About Singapore’s Budget 2017

The authorities in Singapore have taken a unique measure to protect the environment with its latest budget. An environment-friendly budget that rightly takes the impact of global warming into account is what makes the proposals so unique. The government has introduced a new carbon tax along with a diesel duty that will help in curtailing pollution and protect the environment. Here are 3 unique things about Singapore’s budget 2017 that you must know about.

Emission Taxes

The government is taking a proactive step in reducing overall emissions. They have now introduced a carbon tax that will be levied at the rate of $10 to $20 for every ton of greenhouse gas emitted by direct emitters like power stations. However, this tax will not be introduce immediately. It will likely come into effect in 2019 once consultation with the public and industries are over. The government will be using the revenue generated through these taxes to bring more effective practices to reduce emissions further.

There is a new emission scheme planned for 2018 where vehicular pollutants will include 4 new elements apart from carbon dioxide. The diesel tax has also been introduce and it has already come into effect. Diesel vehicles are known to give better mileage as they can drive more energy per liter than petrol vehicles. However, they also create more pollutants in the process. The new tax will charge a volume base diesel duty. All types of diesel, whether automotive or industrial, will now come with an extra $0.10 tax on every liter. This will help in reducing diesel usage as well.

Student and professional support

The government is now planning to help Singaporean startups with the Global Innovation Alliance. This will help in fueling the growth of domestic businesses while creating a more secure workplace for professionals. The government is taking keen interest in these measures. They will also be helping students in Singaporean universities find internships and work opportunities in foreign startups. This can be utilize to enhance their skill set and boost entrepreneurial spirit back in the country. The entrepreneurs will also be encourage to mingle with foreign investors. In addition to that, they will also be encourage to get in touch with mentors to foster local foreign partnership in business. The government is also eyeing the ‘Attach and Train’ program to build better professionals.

More taxes on water

Water will become more expensive after the budget. The Singapore government wants to make the water infrastructure of the country more sustainable because of which it will levy two taxes on water, once in July this year and once in July 2018. The total increase in water prices because of these two phases of increase taxes will be 30 percent.

Budget 2017 is progressive even though it will raise prices significantly in the country. Still, the environment friendly approach and a drive to help make the country’s human resources better should be appreciated.

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