SINGAPORE (Feb 21): The net investment returns contri­bution (NIRC) is expected to be the single largest contributor to Sin­gapore’s coffers this year under Budget 2020.

This could be the fifth consecutive year that the government has relied heavily on the NIRC to fund expenditure since Temasek Holdings was included under the net invest­ment returns (NIR) framework in 2016.

This year, the NIRC is estimated to gener­ate $18.63 billion, up 9.3% y-o-y from $17.05 billion in 2019. This compares to Singapore’s corporate income tax, personal income tax and goods and services tax, which are esti­mated to generate $17.1 billion, $12.51 billion and $11.27 billion respectively.

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