Looking back at societal change and economic transformation through the Budget over the past 50 years

SMU School of Economics Associate Dean (Faculty Research) and Professor of Economics Hoon Hian Teck commented on the Singapore Budget over the years, noting that constant or even lowered tax rates will spur higher economic growth and a broadened tax base. He pointed out that lowering tax rates is one of Singapore's key strategies in remaining competitive, due to its highly educated labour force and appeal to multinational companies as an investment location. SMU Associate Professor of Law and former Nominated Member of Parliament Eugene Tan also said that the Government must think of new ways to broaden its taxation income sources, and that it may consider raising revenues from direct taxes.