Budget 2015: Help for households in GST, income tax, maid levies
TODAY file photo
SINGAPORE — To help households cope with rising costs of living, the Government will increase the quantum of Goods and Services Tax (GST) vouchers, provide personal income tax rebates, and lower concessionary foreign domestic worker levies for families with dependents.
There will also be service and conservancy charges rebates for between one and three months for all households living in HDB flats.
The GST Voucher scheme was introduced in 2012 to help lower- and middle-income households. From this year, those who stay in homes of annual value up to S$13,000 will receive S$300 in GST vouchers while those whose homes' annual value are between S$13,001 and S$21,000 will receive S$150 – a top up of S$50 from previous years, Deputy Prime Minister and Minister of Finance Tharman Shanmugaratnam announced today (Feb 23).
Seniors aged 55 and above will receive a Seniors’ Bonus of up to S$600, double the amount they usually receive. The move will benefit some 1.4 million Singaporeans and cost the Government an additional S$385 million. Those above the age of 65 and living in HDB flats will get an additional S$300 and a total of S$900.
“This will be helpful to these older seniors while we work out the details and implementation of the permanent silver Support scheme, which will begin next year,” said Mr Tharman, who added that the additional payment will benefit a larger group than the Silver Support scheme.
The GST voucher payouts will benefit some 1.4 billion Singaporeans and cost the Government an additional S$385 million.
A 50 per cent income tax rebate, subject to a cap of S$1,000, will be granted for the Year of Assessment 2015. The tax rebate, aimed at middle and upper middle income groups, will benefit some 1.5 million Singaporeans and cost the Government S$717 million.
To help families with children and elderly parents, the concessionary foreign domestic levy will also be halved from S$120 to S$60 a month from May this year. The normal monthly levy to employ a foreign domestic worker is S$265. The levy will also be extended to households with children aged below 16 — up from below 12 today.
Read more about personal income tax changes over the years: BUDGET 2015: Personal income tax
READ THE FULL BUDGET STATEMENT HERE
Other documents on Budget 2015 available on the Budget 2015 website.
