Singapore budget: city state set for US$12 billion surplus as Wong unveils AI ambitions

Singapore expects a surplus of S$15.1 billion (US$12 billion) or 1.9 per cent of gross domestic product for the 2025 financial year, more than double an initial projection of S$6.8 billion, Prime Minister Lawrence Wong has said as he unveiled an aggressive bid to pursue AI ambitions in his annual budget speech. The higher revenues came from corporate income tax and asset-related revenue collections, including stamp duty and vehicle quota premiums, Wong said on Thursday. For the 2026 financial...

By Jean Iau,Kolette Lim