TLDR Singapore Budget 2020
Deputy Prime Minister and Finance Minister Heng Swee Keat delivered the 2020 Budget Statement on Tuesday, Feb. 18, at 3:00pm in Parliament. This is the 5th time he is delivering the Budget statement, since taking over as Finance Minister in 2015.
- GST will remain at 7% in 2021. Hike will still be needed by 2025.
- As part of the $1.6 billion Care and Support Package, depending on your income and home ownership, all Singaporeans aged 21 and above will receive a one-off cash payout of $100, $200, or $300 in 2020.
- Additional GST voucher — U-Save rebates will be given to all eligible HDB households to help with their utilities expenses.
- Parents with at least one Singaporean child aged 20 and below will each receive $100 in 2020.
- Singaporeans aged 50 and above will receive $100 PAssion card top-up in 2020.
- Jobs Support Scheme to help enterprises retain their local workers, the Government will offset 8 per cent of each local worker in employment, up to a monthly cap of S$3,600, for three months. The amount will be disbursed to employers by the end of July 2020.
- Wage Credit Scheme, enhanced to support wage increases for local employees, monthly wage ceiling for Singaporean employees will be raised from S$4,000 to S$5,000 a month, for qualifying wage increases given in 2019 and 2020.
- A corporate income tax rebate at the rate of 25 per cent of tax payable, capped at $15,000 per company, will be granted for the tax year of assessment 2020.
- Rental waivers will be granted for hawkers operating in National Environment Agency-managed hawker centres and markets and commercial tenants of government agencies.
- 15% property tax rebate will be granted for qualifying commercial properties.
- 30% property tax rebate will be granted for some components of licensed hotels and serviced apartments, as well as prescribed meetings, incentives, conventions, and exhibitions (MICE) venues.
- The Government will work with participating financial institutions to introduce a Temporary Bridging Loan Programme for a year to provide additional cash-flow support for tourism sector enterprises.
- Pre-university students from lower-income families will get an extra $100 under the Education Ministry’s Financial Assistance Scheme, with the quantum raised from $900 to $1,000.
- Singaporeans aged 25 and above will each get a $500 SkillsFuture credit top-up, which can be used from 1 October. The top-up will expire by December 2025.
- Central Provident Fund (CPF) will introduce a Matched Retirement Savings Scheme, for lower- to middle-income Singaporeans aged 55 to 70 who have not been able to set aside the prevailing Basic Retirement Sum (BRS). The Government will match every dollar of cash top-up made to their CPF Retirement Account, up to an annual cap of $600.
- The Government aims to phase out all vehicles with internal combustion engines by 2040.
- EVs and some hybrid vehicles will be taxed less, with a revision in tax methodology for cars from next January.
- The Government aims to deploy up to 28,000 public charging points for EVs by 2030, up from 1,600 currently.
are not a lazy SOB would like to find out more, the budget speech can be found in its entirety here and I strongly encourage all Singaporeans to take the time to read through it and understand how it will affect you within the coming years.
18 February 2020