Singapore Budget 2018 Highlights

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 Netflix, 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.

⚖ Wage credit scheme extended till 2020
💰 Corporate income tax rebate enhanced and extended till YA2019
⚓ Earlier-announced increase in FWL for Marine Shipyard and Process sectors deferred for 1 more year
👥 More support for workers to try out new careers under the Adapt and Grow initiative
📊 More support for firms to innovate under the streamlined Productivity Solutions Grant
🔬 Higher tax deductions for certain innovation related expenses
🌐 Enhanced Double Tax Deduction for Internationalisation
♻ Capability Transfer Programme for skills transfer from foreign specialists

What Singapore Government has been investing, and will continue to do so over the next decade:

💉 Healthcare – building and operating more hospitals 🏨 and other healthcare facilities 🏩, and enhancing healthcare subsidies 💵💊🌡

🛠 Infrastructure – building and upgrading HDB flats 🏘, expanding and maintaining our rail and bus networks🛣🚇🚌, keeping our public transport fares low for Singaporeans

🛣 Expand our rail network 🚆 by over 100km to make it easier for Singaporeans to commute 🕖

🏗 Redevelop different parts of Singapore – Jurong Lake District, Punggol Digital District, and Woodlands North Coast 🏙🌇

⚙ Rejuvenate our ageing infrastructure such as water pipes🚰🚽, HDB flats and lifts

🏗 Build Changi Terminal 5🛫 , Tuas Mega Port 🚢, the KL-Singapore High Speed Rail 🚅 to ready ourselves for long-term economic trends

Find out where the money 💰💰 for these investments came from and where they will come from in the future – www.singaporebudget.gov.sg/budget_2018/BudgetSpeech

Value Accounting Singapore News Highlights

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