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The presentation of the annual Government Budget is based on the financial year (FY) of the Government, which runs from 1 April of the year to 31 March of the following year.
Under Singapore’s Constitution, a distinction is made between the reserves accumulated by the Government during its current term of office, and past reserves, which refer to the reserves not accumulated in the current term of Government. The Government is expected to balance the budget within its term and can only draw on past reserves with the approval of the President. This Constitutional framework protects past reserves by enforcing fiscal prudence, while allowing the Government to draw on them in times of need.
The Overall Budget Balance that is published by the Ministry of Finance and presented to the Parliament is based on revenues that the Government of the day can spend under the Constitution. Not all Government revenues and receipts collected can be spent by the Government. Capital receipts such as land sales accrue to past reserves.
Singapore separately publishes a set of government finance data that follows the International Monetary Fund’s presentation format for government finance statistics. This set of data includes all receipts, including items not available for spending by the Government of the day under Singapore’s Constitution.
Please click on the topic to view the available data tables.
Data are preliminary when first released.
na not available or not applicable. - nil or negligible
1 Refers to % change in latest period over the same period in the previous year.
2 Refers to % change in the previous period over the same period in the previous year.
3 Does not reflect the fiscal position of the current term of government, as it takes into account land sales and capital receipts (which accrue primarily to past reserves) in addition to taxes and other revenues, as well as land-related expenditure.
4 Reflects the net issuance of Government securities and lending minus repayments.
5 Refers to the Government's financial year, which begins on 1 April of the current year and ends on 31 March of the following year. Data for FY2021 are revised estimates. Figures may not add up due to rounding.
6 Excludes the repayment of loans and advances, interest income, investment income and capital receipts.
7 Refers to expenditure on manpower, other operating expenditure (excluding expenses on investment and agency fees on land sales), operating grants and transfers.
8 Excludes loans to statutory boards, industrial and commercial enterprises and land-related expenditure.
9 Refers to discretionary transfers made by the Government and these include one-off direct transfers to businesses and households, as well as top-ups to endowment and trust funds created by the Government for specific expenditure objectives.
10 Refers to before Top-ups to Endowment and Trust Funds and Net Investment Income (NII)/Returns Contribution, Interest Costs and Loan Expenses and Capitalisation and Depreciation of Nationally Significant Infrastructure.
11 Refers to contributions from investment returns on reserves, where Net Investment Returns (NIR) is the sum of: (1) up to 50% of the expected long-term real rate of return on the relevant assets specified in the Constitution; and (2) up to 50% of the NII on the remaining assets.
12 There are two key categories of domestic debt instruments. The first category of domestic debt instruments are issued under the Government Securities (Debt Market and Investment) Act for non-spending purposes. Borrowing proceeds raised under this Act are invested and cannot be spent. The debt instruments under this Act are issued for specific purposes including:
- Publicly held domestic debt instruments comprising (a) Singapore Government Securities (Market Development) and Treasury Bills, which are issued to develop Singapore’s debt markets; (b) Cash Management Treasury Bills, which are issued on an ad-hoc basis as a contingency cash management tool to manage the Government’s short-term cashflow mismatches; and (c) Singapore Savings Bonds, which are issued to provide individual investors with a long-term savings option.
- Non-publicly held domestic debt instruments comprising Special Singapore Government Securities, which are primarily issued to meet the investment needs of the Central Provident Fund.
The second category of domestic debt instrument are issued under the Significant Infrastructure Government Loan Act for spending purposes. Borrowing proceeds raised under this Act are used to finance spending on nationally significant infrastructure. The debt instruments issued under this Act are Singapore Government Securities (Infrastructure).
Title : Overall Fiscal Position, Annual
Operating Revenue *
Operating Revenue excludes the repayment of loans and advances, interest income, investment income and capital receipts.
Corporate Income Tax
Personal Income Tax
Statutory Boards' Contributions *
From FY2019 onwards, Statutory Boards' Contributions (SBC) from the Monetary Authority of Singapore (MAS) in a given financial year are calculated as the average of 'Contribution to Consolidated Fund' (in lieu of corporate income tax) reported in MAS' financial statements for the preceding three years. This is to reduce the volatility in MAS' annual contributions. MAS' SBC in FY2019 should thus comprise one-third of 'Contribution to Consolidated Fund' reported in MAS' financial statements for FY2016/17, FY2017/18 and FY2018/19. As MAS' 'Contribution to Consolidated Fund' for FY2016/17 and FY2017/18 have been paid in full in FY2017 and FY2018 respectively, MAS' SBC in FY2019 comprises only one-third of MAS' 'Contribution to Consolidated Fund' for FY2018/19.
Customs, Excise And Carbon Taxes
Goods And Services Tax
Motor Vehicle Taxes
Other Taxes *
Includes the foreign worker levy, annual tonnage tax, water conservation tax and development charge.
Vehicle Quota Premiums
Fees And Charges (Excluding Vehicle Quota Premiums) *
Includes revenue from Licenses, Permits, Service fees, Sales of goods, Rental of Premises, Fines and Forfeitures and Reimbursements.
Excludes repayment of loans and advances, interest income, investment income and capital receipts.
Total Expenditure *
Total Expenditure comprises Operating Expenditure and Development Expenditure. Development Expenditure excludes loans to statutory boards, industrial and commercial enterprises and land-related expenditure items.
Security And External Relations
Special Transfers *
Special Transfers refer to discretionary transfers made by the Government and these include one-off direct transfers to businesses and households, as well as top-ups to endowment and trust funds created by the Government for specific expenditure objectives.
Special Transfers Excluding Top-Ups To Endowment And Trust Funds
Basic Surplus/(Deficit) *
Surplus/ Deficit before Top-ups to Endowment and Trust Funds and Net Investment Returns Contribution.
Top-Ups To Endowment And Trust Funds
Net Investment Returns Contribution *
Prior to FY2009, up to 50% of Net Investment Income (NII) could be taken into the annual Government Budget for spending. With effect from FY2009, under the Net Investment Returns (NIR) framework, up to 50% of the expected long-term real returns on the relevant assets specified in the Constitution can be taken in for spending. For the other assets, up to 50% of NII can continue to be used for spending in the annual Government Budget. Refers to contributions from investment returns on reserves, where Net Investment Returns Contribution is the sum of: (1) up to 50% of the expected long-term real rate of return on the relevant assets specified in the Constitution; and (2) up to 50% of the net investment income on the remaining assets.
Overall Budget Surplus/ (Deficit)
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