Singapore is steeply increasing “sin” taxes to raise revenue for increased medical and social services for its rapidly aging population.
In his 2014 budget last week Finance Minister Tharman Shanmurgaratnam announced a 25% increase in liquor taxes, a 10% increase in duties on tobacco and an increase in gambling duties to 30% from 25% on gross bets.
The money raised will go to pay for lifelong health care, outpatient specialist care and medical insurance for people aged 65 and above.
By 2030, 20% of Singaporeans will be 65 or older.
