Everybody is talking about it so will we. If you have feedback with regards to the budget, please don’t tell us, instead please go to https://www.reach.gov.sg/budget2018 and provide your feedback.
Summary of Budget 2018
1. Hong bao
All Singaporean will receive $100 to $300 depending on their income. This is a one time give out based on 2017 budget surplus.
2. Tobacco excise duty
Increase by 10% from 19 February 2018
3. GST on overseas import services
There might be GST for Netflicks, Spotify, app store and even shopping online.
4. Buyer stamp duty
Increase to 4% for private property worth more than $1million SGD.
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. Takes effect from 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. Applies to singles as well.
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.
If you would like an infographic description, you can download from the Singapore Budget website here.