Singapore government expected a budget surplus of 1.27 billion Singapore dollars (1.01 billion U.S. dollars) for the fiscal year 2012, local daily Lianhe Zaobao reported on Sunday.
The expected budget surplus is equivalent to about 0.4 percent of the city state's gross domestic product.
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said the government expected the operating revenue to increase by 5.1 percent to 53.08 billion Singapore dollars (42. 13 billion U.S. dollars) in 2012.
The revenue from corporate income tax is expected to grow by 9. 6 percent and the personal income tax to grow by 14.4 percent, respectively. The revenue contributed by goods and services tax, betting taxes and vehicle quota premiums are expected to increase, too.
The total expenditure is expected to be 50.28 billion Singapore dollars (39.9 billion U.S. dollars) for the fiscal year 2012.
The government had a budget surplus of 2.3 billion Singapore dollars (1.8 billion U.S. dollars) for the fiscal year 2011, which is equivalent to about 0.7 percent of the gross domestic product.
It is much higher than the initial estimate of 100 million Singapore dollars (79.4 million U.S. dollars) and attributable to stronger corporate profits, lower-than-expected claims for capital allowances as well as a sharp increase in stamp duties./.