Thursday, February 17, 2011

Singapore Budget 2011

The budget of Singapore 2011 will be revealed on Friday 18 February 2011. It is said that the main idea of the budget is on distribution of wealth that fill the income gap of Singapore.

Last year the GDP increase to 14.7 percent but not every one takes advantage from it. A report of United Nation Development Programme ranked Singapore on second as developing country after Hong Kong.

In Expert opinion Singapore is not only country who face income inequality, countries like US and China also facing this. This gap is due to few reasons; first one is higher technology jobs that pay higher that low skilled jobs, other is competitions between pays of different countries and the last but not least is most of the jobs are in service sector.

Singapore BudgetSingapore Budget 2011

Now the budget of Singapore for Financial year 2011 is ready and applicable from 1st April. The Singapore Budget show two points; approved expenditure and use of last year government funds and second one is to mapped government income expenditure this year.

The process of budget takes some steps for approval.  Firstly the Government approves the Budget, and then Minister for Finance shows the Budget to parliament. Committee of supply debates the Budget, bill passed and then President’s agree required for performance of Bill. After President agrees upon Bill it is presented as a Law and known as Supply Act. This Law is useful for government for how to use finance through out the year.

For year 2011, Ministry of Finance designed a Budget Quiz 2011 through a website. This Quiz helps then to design a Budget in a better way and according to Singaporeans. The live cast of the Budget is also available on website.

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