SINGAPORE'S FISCAL SYSTEM IN AN INTERNATIONAL PERSPECTIVE

Abstract

Fiscal system is an area that has long been a great interest for many economists and researchers. It incorporates the study of the fundamental tools such as the budgetary, revenue and expenditure systems and many other different areas, comprising of social, economic and monetary aspects. Due to its complexity, the formulation of any fiscal policies poses a great challenge to the policymakers. How the government formulates fiscal policies is important in shaping the country's economy. As such, this Thesis serves to provide an analysis of the Singapore's fiscal system and its comparison with selected countries around the world. An analysis of international comparison allows the Singapore government to review its fiscal policies and to evaluate the current fiscal system so as to increase the efficiency and flexibility of the whole system. Besides the above, the analysis also reveals underlying fiscal issues that need to be addressed. Hopefully, this Thesis will provide a basis for further research in the fiscal arena.