Drew & Napier Deputy CEO Ong Sim Ho quoted in The Business Times on wealth taxation in Singapore

23 Apr 2026

Deputy Chief Executive Officer Ong Sim Ho was quoted in The Business Times on the evolving debate around wealth taxation in Singapore, following the release of the country’s first official wealth data.

The article examines policy considerations on whether Singapore should introduce direct wealth taxes or continue relying on indirect mechanisms such as property and vehicle taxes. It highlights the practical challenges of taxing mobile financial assets, as well as the broader economic implications of wealth taxation.

Sim Ho noted that stamp duties remain an effective tool for taxing wealth, as they are applied at the point of transaction and are therefore difficult to avoid. From an enforcement perspective, he observed that such taxes are highly cost-efficient as they follow the conveyancing process, making them more administratively practical than taxes on less visible or mobile assets.

He also highlighted that, compared to estate duties—which are based on a fixed tax base at the point of death—transaction-based taxes such as stamp duties offer a more consistent and enforceable mechanism for capturing value.