Sec 3T SS Ch4 Singapore Budget

Sec 3T SS Ch4 Singapore's National

Budget

A national budget is:

the country's estimated income and planned spending for the upcoming year.​

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It is planned by the Ministry of Finance headed by the Minister of Finance (Lawrence Wong)

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​Our National Budget

The government has to plan the budget so that:

1. There is enough to meet the country's needs

2. There is enough savings in times of crisis​

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​Our National Budget

Revenue = Incom​e

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The government collects revenue from different sources:

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Singapore's Revenue

Poll

What is your opinion on paying taxes?

• It is fair

• It is too much

• The government is stealing my money

• I want to pay more

Poll

What do you think about the government raising GST to 9% in 2023?

• It is fair

• It is too much

• The government is stealing my money

• I want to pay more

The government spends its revenue on key areas of needs like education, healthcare, security and transport.

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Singapore's Expenditure

The government collects taxes so that it can have sufficient income to meet the needs of the people

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E.g. The government spent $11 billion to help Singaporeans through COVID in 2021​

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Singapore's Expenditure

​The government spends to upgrade our defence

​The government spends to upgrade our transport

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(confirmed extensions)​

​The government spends to upgrade our transport

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(Maybe?)​

Quiz Time!

How much can you remember?​

Multiple Choice

Which ministry is in charge of planning the budget for Singapore?

• Ministry for Budgets

• Ministry of Finance

• Ministry of Money

• Prime Minister's Office

Multiple Choice

Who is the current Minister of Finance?

• Lee Hsien Loong

• Lee Kuan Yew

• Lawrence Ong

• Lawrence Wong

Multiple Choice

Which is NOT an example of Singapore' revenue?

• Motor Vehicle Tax

• Income Tax

• Education

• GST

Multiple Choice

Which is NOT an example of Singapore' expenditure?

• Corporate Tax

• Transport

• Education

• Security

4.1.2 National Budget

Allocation​

Developing Singapore Through the National Budget​

The government has to pass a budget

which makes full use of our

limited resources

to

meet the needs

of as many people as possible.​

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​Our National Budget

https://www.youtube.com/watch?v=FKAHOk32AvY

Quiz Time - 2

How much do you remember from the video about Budget 2021 you just watched?

Multiple Choice

How much cash did each lower income family receive in 2021?

• $20

• $200

• $2000

• $2million

Multiple Choice

How much will the government give each person to cushion the impact of inflation?

• $100-$200

• $200-$400

• $200-$600

• $400-10000

Multiple Choice

How much in CDC vouchers will Singaporean households get?

• $200

• $300

• $400

• $800

Multiple Choice

How much will the government give to first time families to buy resale flats?

• $3000

• $30000

• $300000

• $3000000

Multiple Choice

How much is the "baby bonus" cash gift from the government?

• $300

• $3000

• $30000

• $3

Multiple Choice

How much more will cigarettes be taxed?

• 10% more

• 15% more

• 50% more

• 100% more