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2018 Budget aka pork barrels

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2018 Budget aka pork barrels

Post by PNGMK » Tue, 20 Feb 2018 8:48 am

*Summary of Budget 2018*

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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Re: 2018 Budget aka pork barrels

Post by Barnsley » Tue, 20 Feb 2018 4:40 pm

Not a lot of headline grabbers!!!

But with the largest Budget Surplus ever last year apparently , maybe the Govt thought it prudent to not do a lot , just put the price of cigs up :mrgreen: :mrgreen: :mrgreen:
Life is short, paddle harder!!

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