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GST Credits ranging from $1000 to $100 will be given to Singaporeans over a four year period to offset the GST increase to 7%.
The payment made in annual instalments will be based on assessable income (AI) and the annual value (AV) of the person's home.
Those living in 1-3 room flats and with annual assessable incomes of $24,000 or less, will receive $1,000, while the rest of the population will receive GST Credits of $800 and the top income group will get $100.
Those who eat out or entertain often will enjoy the removal of the "+ + " in Cess from Food and Beverage bills while those who own vehicles will see road tax reduced by 8% for passenger cars and motorcycles.
The Monthly Foreign Domestic Worker Levy has been reduced by $30 and will be extended to those hired by families to care for the disabled and those in need of additional care-giving support.
In Income Tax, there is a Personal Tax Relief of up to $7,000 for those making cash top-ups to CPF Retirement Accounts for themselves, their parents, grandparents, spouse and now, also their siblings aged 55 years and above, and who earn $2,000 or less.
Home owners will get a one-off property tax rebate of up to $100 per year in 2008 and 2009 (total $200) for owner-occupied residential properties.
The Utilities-Save, S&CC and Rental Rebates for eligible HDB households will be extended for five years and will also be available to those living in HDB executive flats.
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