The GST July 1st will see GST at 7% but there will Credits handed out over four years to help Singaporeans cope with the tax rise.
Budget Package for Companies The corporate tax rate is now 18%, while Start-up firms will enjoy full tax exemption for three years.
Budget Package for Workers Changes have been to the CPF that should see an increase in take-home pay and a Workfare Income Supplement scheme
Budget Package for All Those worried about the rise in GST can look forward to GST Credits. There's also a cut in road tax and a lower Monthly Foreign Domestic Worker Levy that's also been extended to those hired to care for the disabled and those in need of additional care-giving support.
Budget Package for the Elderly A Senior Citizens' Bonus will be given out to Singaporeans aged 55 and above while those who work in low-wage jobs will receive a Workfare Income Supplement.
Budget Package for Lower Income Families $1,000 in GST Credits will be given to those living in one- to three-room flats and with annual assessable incomes of $24,000 or less, while a Public Transport Fund (PTF) will be put in place to provide additional help in their public transport costs where necessary.
Budget Package for the Young Subsidies for children in Kindergarten and Childcare have been raised and all Singapore citizen children aged from seven to 20 will have a Post-Secondary Education Account (PSEA) opened with contributions from the Government.
