Singapore government is expected to have record revenues of nearly 50 billion Singapore dollars (38. 8 billion U.S. dollars) for 2010, local daily The Straits Times said Thursday.
The buoyant economy last year boosted tax collections, with solid wage growth, strong corporate profits and a sizzling property market, the newspaper quoted economists as saying.
The government had 38 billion Singapore dollars (29.5 billion U. S. dollars) of revenues in 2009.
The government is likely to record a budget surplus of 6 billion Singapore dollars (4.7 billion U.S. dollars) for 2010, the economists said.
The government had projected a deficit of 3 billion Singapore dollars (2.3 billion U.S. dollars) in an estimate made in February last year.
"The booming economy bumped up corporate and personal income taxes, which saw much higher compared with the government's estimates," said Bank of America Merrill Lynch economist Chua Hak Bin.
The surplus would mean that the government will have enough money to cope with the effects of an expected rise in consumer prices, the economists said.
Singapore is now in the process of drafting the draft proposals for the new fiscal year.