Singapore

Singapore Budget 2018

An short update on the Singapore Budget 2018. Do not be lure by the Ang Bao as it is seen as a carrot prior to the general public election. We should be concern on the GST rise and the introduction of carbon tax. It is going to affect the daily life of ordinary Singaporeans excluding the well off peoples.

1. *Angbao*

All Singaporean will receive $100 to $300 depending on their income.

2. *Tobacco excise duty*

Increase by 10% from today

3. *GST on overseas import services*

We might have to pay GST for Netflicks, Spotify, app store and even shopping online.

4. *Buyer stamp duty*

Increase to 4% for private ppty worth more than $1mil.

5. *GST hikes*

Increase from 7% to 9% starting from 2021 to 2025.

6. *Tax reduction for donations*

250% tax deduction for donations to charities that are Institutions of a Public Character will be extended for three more years, until 2021.

7. *Foreign domestic helper levy*

Increase from $265 to $300 for first worker. $450 for second. Take effect April 2019.

8. *Extension of S&CC rebates*

Extend for one more year

9. *Enhance housing grant*

Promixity increase from 2km to 4km for living near parents. Grant increase from $20k to $30k.

10. *New Enterprise Development Grant*

Combine IE Singapore and SPRING’s existing grants, with up to 70 per cent co-funding

11. *Corporate income tax*

Rebate raise to 40%, cap at $15k for Yr2018.

20%, cap at $10k for Yr 2019.

Meanwhile, to help the marine shipyard and process sectors cope with ongoing weakness, the foreign worker levy increases will be deferred for another year.

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