Singapore has distanced itself from imposing a windfall tax on energy companies over fears it might hamper its decarbonisation efforts.
Several countries have introduced windfall taxes on the extraordinary profits of energy companies in light of elevated global oil and gas prices over the past year.
“Such taxes can yield short-term revenues, but they will damage the economy in the longer term,” the senior minister of state for finance, Chee Hong Tat, told parliament.
