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SINGAPORE: The S$4 billion GST Offset Package announced during the 2007 Budget Statement is set to roll out.
The package which is available over a four year period will cover 2.4 million Singaporeans.
They will receive a total of S$650 million in GST Credits, which is to help Singaporeans with the 2%-point increase in GST from 1 July 2007, and the Senior Citizens Bonus.
An additional 800,000 HDB households will also receive $210 million of Utilities-Save (U-Save), Service & Conservancy Charges (S&CC) and rental rebates.
Singaporeans eligible for the GST Credits/Senior Citizens Bonus will receive a letter from the CPF Board.
To receive the funding which can be withdrawn as cash come July, Singaporeans must first sign up from 15 May-25 June 2007 at any DBS/POSB/UOB/OCBC automatic teller machine (ATM) or through the GST Offset Package website,www.gstoffset.gov.sg.
Those who do not have a bank account can request for a cheque via www.gstoffset.gov.sg or by filling up a GST form available at any SingPost office, Community Centre, Community Development Council or CPF Service Centre.
Low-income and older Singaporeans will be offered help in signing up at Help Desks to be set up at Community Centres/Clubs islandwide from 15-27 May 2007.
Those in welfare and nursing homes, prisons and Voluntary Welfare Organisations will also receive help in signing up.
Singaporeans need to sign up only once to receive their GST Credits and Senior Citizens’ Bonus for all 4 years from 2007 to 2010.
The GST Credits and Bonus eligibility for each year will be based on the Annual Value of the person's NRIC address as at 31 December of the preceding year, and the annual Assessable Income in the preceding year.
GST Credits of up to S$1,000 over 4 years is available for 2.3 million Singaporeans aged 21 and above, with NSFs and NSmen getting an extra S$100 for their contributions to national security.
In addition, 671,000 Singaporeans aged 55 and above, with an annual income of S$100,000 or less, will receive the Senior Citizens’ Bonus of up to S$1,000 over 4 years. Two-thirds of the Bonus will be paid in cash and one-third credited to the CPF Medisave Account.
Over the next 5 years, some 800,000 HDB households will also get U-Save, S&CC and rental rebates.
This year, they will receive up to 4 months rebates from June and S$220 worth of U-Save rebates starting from July.
No sign-up is needed to qualify for these rebates which households will be informed of through letters from the HDB. -CNA/sf
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