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Budget 2021 Singapore
- Thread starter kaninabuchaojibye
- Start date
sinkypura is the richest country on this planet
dun pray pray
Budget 2021: S$900 million Household Support Package to help families with expenses
www.channelnewsasia.com
SINGAPORE: Eligible Housing and Development Board (HDB) households will receive a one-off special payment of between S$120 and S$200 this year, as part of a S$900 million Household Support Package for Singaporeans.
Deputy Prime Minister Heng Swee Keat announced on Tuesday (Feb 16) more support for families in Budget 2021 – named the Emerging Stronger Together Budget – as Singapore’s economic situation remained “uncertain” amid its worst recession since independence.
The Household Support Package includes the extension of a service and conservancy charges rebate, a S$200 top-up in the relevant education account for each child under 21 and S$100 worth of Community Development Council (CDC) vouchers for all Singaporean households.
Lower- and middle-income households will also receive an additional one-off cash payment of S$200 under the GST Voucher scheme.
This will be the country’s sixth Budget aimed at mitigating the effects of the COVID-19 pandemic. Last year, the Government pushed out five Budgets, which brought “immediate relief and support” for families and workers, said Mr Heng, who is also Minister for Finance.
The five Budgets included the Care and Support Package and the Solidarity Payment, both of which offered a one-time cash payment to Singaporeans aged 21 and above.
The COVID-19 Support Grant, the Self-Employed Person Income Relief Scheme and the Temporary Relief Fund provided financial assistance to workers struggling with income loss.
Lower-income workers and families received more support through the Workfare Special Payment, grocery vouchers and additional GST Voucher - U Save. Last year, eligible households received at least double their annual GST Voucher - U Save.
MORE SUPPORT FOR FAMILIES IN 2021
The one-off GST Voucher - U Save Special Payment will benefit about 950,000 Singaporean households this year.
The payment of between S$120 and S$200 in total – amounting to an additional 50 per cent of HDB households’ U-Save rebates for one year – will be credited in April and July, together with the regular U-Save rebates.
The GST Voucher - U Save rebates are given out every three months to help HDB households with their utility bills.
In addition, the service and conservancy charges rebate will be extended for another year, said Mr Heng in his Budget speech.
The rebate will offset between one-and-a-half and three-and-a-half months of the charges, depending on their HDB flat type. Households will receive the rebate over four quarters in April, July, October this year and January next year.
The Government will also give all Singaporean households S$100 worth of CDC vouchers to use at participating heartland shops and hawkers.
While Singaporeans’ “sense of unity” and “discipline” in observing COVID-19 precautionary measures have helped the country combat the pandemic, local merchants and hawkers have been “quite affected” by these measures, said Mr Heng.
“I hope that this new tranche of vouchers can bring more businesses to our hawkers and heartland shops,” he said, adding that the Government will provide an additional S$150 million grant to the CDC for this.
For each Singaporean child below 21 years of age, the Government will provide an additional top-up of S$200 through their Child Development Account, Edusave Account or Post-Secondary Education Account. This will be on top of the annual Edusave top-up for primary and secondary school students.
This is to support parents as they “invest in their children’s future”, said the Deputy Prime Minister.
For lower- and middle-income Singaporeans who qualify for the GST Voucher - Cash, they will receive another S$200 in June. The GST Voucher - Cash is paid every August.
In total, 1.4 million Singaporeans will receive up to S$500 in GST Voucher - Cash and Cash Special Payment this year.
www.channelnewsasia.com
SINGAPORE: Eligible Housing and Development Board (HDB) households will receive a one-off special payment of between S$120 and S$200 this year, as part of a S$900 million Household Support Package for Singaporeans.
Deputy Prime Minister Heng Swee Keat announced on Tuesday (Feb 16) more support for families in Budget 2021 – named the Emerging Stronger Together Budget – as Singapore’s economic situation remained “uncertain” amid its worst recession since independence.
The Household Support Package includes the extension of a service and conservancy charges rebate, a S$200 top-up in the relevant education account for each child under 21 and S$100 worth of Community Development Council (CDC) vouchers for all Singaporean households.
Lower- and middle-income households will also receive an additional one-off cash payment of S$200 under the GST Voucher scheme.
This will be the country’s sixth Budget aimed at mitigating the effects of the COVID-19 pandemic. Last year, the Government pushed out five Budgets, which brought “immediate relief and support” for families and workers, said Mr Heng, who is also Minister for Finance.
The five Budgets included the Care and Support Package and the Solidarity Payment, both of which offered a one-time cash payment to Singaporeans aged 21 and above.
The COVID-19 Support Grant, the Self-Employed Person Income Relief Scheme and the Temporary Relief Fund provided financial assistance to workers struggling with income loss.
Lower-income workers and families received more support through the Workfare Special Payment, grocery vouchers and additional GST Voucher - U Save. Last year, eligible households received at least double their annual GST Voucher - U Save.
MORE SUPPORT FOR FAMILIES IN 2021
The one-off GST Voucher - U Save Special Payment will benefit about 950,000 Singaporean households this year.
The payment of between S$120 and S$200 in total – amounting to an additional 50 per cent of HDB households’ U-Save rebates for one year – will be credited in April and July, together with the regular U-Save rebates.
The GST Voucher - U Save rebates are given out every three months to help HDB households with their utility bills.
In addition, the service and conservancy charges rebate will be extended for another year, said Mr Heng in his Budget speech.
The rebate will offset between one-and-a-half and three-and-a-half months of the charges, depending on their HDB flat type. Households will receive the rebate over four quarters in April, July, October this year and January next year.
The Government will also give all Singaporean households S$100 worth of CDC vouchers to use at participating heartland shops and hawkers.
While Singaporeans’ “sense of unity” and “discipline” in observing COVID-19 precautionary measures have helped the country combat the pandemic, local merchants and hawkers have been “quite affected” by these measures, said Mr Heng.
“I hope that this new tranche of vouchers can bring more businesses to our hawkers and heartland shops,” he said, adding that the Government will provide an additional S$150 million grant to the CDC for this.
For each Singaporean child below 21 years of age, the Government will provide an additional top-up of S$200 through their Child Development Account, Edusave Account or Post-Secondary Education Account. This will be on top of the annual Edusave top-up for primary and secondary school students.
This is to support parents as they “invest in their children’s future”, said the Deputy Prime Minister.
For lower- and middle-income Singaporeans who qualify for the GST Voucher - Cash, they will receive another S$200 in June. The GST Voucher - Cash is paid every August.
In total, 1.4 million Singaporeans will receive up to S$500 in GST Voucher - Cash and Cash Special Payment this year.
GST increase “sooner rather than later”
“We have maintained the principle that recurrent expenditure should be funded by recurrent revenue. This ensures that we spend in a responsible way – one that is fair for current and future generations,” said Mr Heng.
He had announced in Budget 2018 that GST rates would have to increase “some time from 2021 to 2025”. The increase will not take effect in 2021, he said.
“However, we will not be able to put off the increase for too long. We have to make the move some time during 2022 to 2025, and sooner rather than later, subject to the economic outlook,” added Mr Heng.
Singapore will be unable to meet its rising recurrent needs, he said, adding that it is “not tenable” for the Government to run persistent budget deficits outside periods of crisis.
“We have maintained the principle that recurrent expenditure should be funded by recurrent revenue. This ensures that we spend in a responsible way – one that is fair for current and future generations,” said Mr Heng.
He had announced in Budget 2018 that GST rates would have to increase “some time from 2021 to 2025”. The increase will not take effect in 2021, he said.
“However, we will not be able to put off the increase for too long. We have to make the move some time during 2022 to 2025, and sooner rather than later, subject to the economic outlook,” added Mr Heng.
Singapore will be unable to meet its rising recurrent needs, he said, adding that it is “not tenable” for the Government to run persistent budget deficits outside periods of crisis.
Assurance Package
The Government has set aside S$6 billion for an Assurance Package, that will help “cushion the impact” when the GST rate is increased.
Mr Heng said this would effectively delay the effect of the GST rate increase for the majority of Singaporean households by at least five years.
For lower-income Singaporeans, the offset will be higher, with those living in one- to three-room HDB flats receiving about 10 years’ worth of addition GST expenses incurred
The Government has set aside S$6 billion for an Assurance Package, that will help “cushion the impact” when the GST rate is increased.
Mr Heng said this would effectively delay the effect of the GST rate increase for the majority of Singaporean households by at least five years.
For lower-income Singaporeans, the offset will be higher, with those living in one- to three-room HDB flats receiving about 10 years’ worth of addition GST expenses incurred
Budget 2021: S$900 million Household Support Package to help families with expenses
www.channelnewsasia.com
SINGAPORE: Eligible Housing and Development Board (HDB) households will receive a one-off special payment of between S$120 and S$200 this year, as part of a S$900 million Household Support Package for Singaporeans.
Deputy Prime Minister Heng Swee Keat announced on Tuesday (Feb 16) more support for families in Budget 2021 – named the Emerging Stronger Together Budget – as Singapore’s economic situation remained “uncertain” amid its worst recession since independence.
The Household Support Package includes the extension of a service and conservancy charges rebate, a S$200 top-up in the relevant education account for each child under 21 and S$100 worth of Community Development Council (CDC) vouchers for all Singaporean households.
Lower- and middle-income households will also receive an additional one-off cash payment of S$200 under the GST Voucher scheme.
This will be the country’s sixth Budget aimed at mitigating the effects of the COVID-19 pandemic. Last year, the Government pushed out five Budgets, which brought “immediate relief and support” for families and workers, said Mr Heng, who is also Minister for Finance.
The five Budgets included the Care and Support Package and the Solidarity Payment, both of which offered a one-time cash payment to Singaporeans aged 21 and above.
The COVID-19 Support Grant, the Self-Employed Person Income Relief Scheme and the Temporary Relief Fund provided financial assistance to workers struggling with income loss.
Lower-income workers and families received more support through the Workfare Special Payment, grocery vouchers and additional GST Voucher - U Save. Last year, eligible households received at least double their annual GST Voucher - U Save.
MORE SUPPORT FOR FAMILIES IN 2021
The one-off GST Voucher - U Save Special Payment will benefit about 950,000 Singaporean households this year.
The payment of between S$120 and S$200 in total – amounting to an additional 50 per cent of HDB households’ U-Save rebates for one year – will be credited in April and July, together with the regular U-Save rebates.
The GST Voucher - U Save rebates are given out every three months to help HDB households with their utility bills.
In addition, the service and conservancy charges rebate will be extended for another year, said Mr Heng in his Budget speech.
The rebate will offset between one-and-a-half and three-and-a-half months of the charges, depending on their HDB flat type. Households will receive the rebate over four quarters in April, July, October this year and January next year.
The Government will also give all Singaporean households S$100 worth of CDC vouchers to use at participating heartland shops and hawkers.
While Singaporeans’ “sense of unity” and “discipline” in observing COVID-19 precautionary measures have helped the country combat the pandemic, local merchants and hawkers have been “quite affected” by these measures, said Mr Heng.
“I hope that this new tranche of vouchers can bring more businesses to our hawkers and heartland shops,” he said, adding that the Government will provide an additional S$150 million grant to the CDC for this.
For each Singaporean child below 21 years of age, the Government will provide an additional top-up of S$200 through their Child Development Account, Edusave Account or Post-Secondary Education Account. This will be on top of the annual Edusave top-up for primary and secondary school students.
This is to support parents as they “invest in their children’s future”, said the Deputy Prime Minister.
For lower- and middle-income Singaporeans who qualify for the GST Voucher - Cash, they will receive another S$200 in June. The GST Voucher - Cash is paid every August.
In total, 1.4 million Singaporeans will receive up to S$500 in GST Voucher - Cash and Cash Special Payment this year.
It's like giving one peanut to a starving monkey.
not 3? haaaa
You'll have to wait till another election year for more generosity i.e. two peanuts.
GST on low-value goods
GST will be extended to imported low-value goods with effect from Jan 1, 2023, Mr Heng announced, to ensure a “level playing field” for local businesses to “compete effectively”.
Currently, low-value goods imported via air or post are not subject to GST to facilitate clearance at the border, said Mr Heng.
GST will be extended to imported low-value goods with effect from Jan 1, 2023, Mr Heng announced, to ensure a “level playing field” for local businesses to “compete effectively”.
Currently, low-value goods imported via air or post are not subject to GST to facilitate clearance at the border, said Mr Heng.
Song Boh Sinkies? Who did you vote for? Some more now cannot go JB to pump petrol.
Depleted govt coffers, now it's time to recoup everything back. Free masks and free vaccines aren't really free, surprise!
Watch out for those frivolous fines too. Pandemic-related, driving-related, smoking-related etc. Be vigilant!
What's the scope of local manufacturing when it comes to 'low-level goods'? What kind of 'competition' has been happening all these years?
Budget 2021: Government plans to issue new bonds to finance major, long-term infrastructure
www.channelnewsasia.com
These projects include new MRT lines and infrastructure to protect against rising sea levels, and are crucial to Singapore’s long-term development and sustainability, he said.
The bonds will come under a proposed Significant Infrastructure Government Loan Act (SINGA). The Government will table a Bill in Parliament later this year, said Mr Heng, who is also the Finance Minister.
Mr Heng has said in previous Budget statements that the Government is exploring the use of borrowing to finance such major projects in a way that spreads out their costs more equitably across generations.
The Government has also been issuing bonds to develop the domestic debt market and meet the investment needs of the Central Provident Fund for Singaporeans’ retirement.
The Deputy Prime Minister said on Tuesday that the Government has briefed President Halimah Yacob and obtained her in-principle support for the use of borrowing to finance major, long-term infrastructure.
He added that the new SINGA bonds will allow for a “fair and efficient” way of distributing fiscal responsibility.
“Fair, because these payments are borne by the generations who will directly benefit from the improved infrastructure. Efficient, because they allow us to benefit from the current low interest rate environment.”
Mr Heng said the Government will use SINGA borrowing proceeds in a prudent and transparent manner, and keep to a S$90 billion limit for borrowing under SINGA as a safeguard.
“This is based on a pipeline of major, long-term infrastructure projects over the next 15 years,” he said.
“We will also include other safeguards in legislation, which will be open to Parliamentary and public scrutiny. More details will be provided when the Bill is presented in Parliament later this year.”
www.channelnewsasia.com
SINGAPORE: The Government intends to issue new bonds to finance major and long-term infrastructure projects, Deputy Prime Minister Heng Swee Keat said in his Budget speech on Tuesday (Feb 16).These projects include new MRT lines and infrastructure to protect against rising sea levels, and are crucial to Singapore’s long-term development and sustainability, he said.
The bonds will come under a proposed Significant Infrastructure Government Loan Act (SINGA). The Government will table a Bill in Parliament later this year, said Mr Heng, who is also the Finance Minister.
Mr Heng has said in previous Budget statements that the Government is exploring the use of borrowing to finance such major projects in a way that spreads out their costs more equitably across generations.
The Government has also been issuing bonds to develop the domestic debt market and meet the investment needs of the Central Provident Fund for Singaporeans’ retirement.
The Deputy Prime Minister said on Tuesday that the Government has briefed President Halimah Yacob and obtained her in-principle support for the use of borrowing to finance major, long-term infrastructure.
He added that the new SINGA bonds will allow for a “fair and efficient” way of distributing fiscal responsibility.
“Fair, because these payments are borne by the generations who will directly benefit from the improved infrastructure. Efficient, because they allow us to benefit from the current low interest rate environment.”
Mr Heng said the Government will use SINGA borrowing proceeds in a prudent and transparent manner, and keep to a S$90 billion limit for borrowing under SINGA as a safeguard.
“This is based on a pipeline of major, long-term infrastructure projects over the next 15 years,” he said.
“We will also include other safeguards in legislation, which will be open to Parliamentary and public scrutiny. More details will be provided when the Bill is presented in Parliament later this year.”
And yet they are always ready to give another S$870m to save SIA. Bloody government.Depleted govt coffers, now it's time to recoup everything back. Free masks and free vaccines aren't really free, surprise!
Watch out for those frivolous fines too. Pandemic-related, driving-related, smoking-related etc. Be vigilant!
https://www.straitstimes.com/singap...d-aviation-sector-more-aid-for-land-transport
Song Boh Sinkies? Who did you vote for? Some more now cannot go JB to pump petrol.
Petrol up means bus / mrt fares up, retail prices higher, hawkers will raise their prices and so will taxis. In other words EVERYTHING goes up.
So they give a $200 GST voucher and get back $400. Sounds like a good deal for the pappies.
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