The Budget Statement was delivered by Finance Minister and Deputy Prime Minister Tharman Shanmugaratnam yesterday (Feb 23). He announced changes to CPF, petrol duty prices, personal income taxes and more. Here are some of the key initiatives.
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“We want Singaporeans to have greater assurance at each stage of life, more opportunities and a better home for all,” said Mr Lee in a Facebook post.
Mr Lee reassured Singaporeans that the Government will continue to invest in every citizen, empowering citizens to learn throughout their lives so that they can become experts in their chosen fields of work.
He reiterated that the Government will “invest heavily in infrastructure to create a highly liveable home with quality healthcare”. “We will provide additional support to Singaporean families for your costs of living and your retirement,” he added.
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Singapore Budget 2015 Report
In many ways, this is a far-sighted Budget, aiming beyond basic solutions. It pledges support for companies venturing for bolder breakthroughs in the way they do business. While the productivity drive will remain broad-based, more help will be given to businesses that build innovative capacities and a global orientation.
Encouragingly, in a move to make innovation pervasive in the economy, more forms of innovation will be recognised – including new ways of reaching customers, design and brand development, and overhauling of business processes. No longer is innovation narrowly confined to revolutionary breakthroughs, but now includes developmental applications of technology, where grants are concerned. All these are steps in the right direction, as we mature from a value-adding to a value-creating economy.
Creating new value would only be possible if we invest in new capabilities, which have to come from training our people in the deep skillsets valued by growth industries. SkillsFuture sets out to achieve this, with the Government setting aside S$1 billion per year for the next five years for this initiative. The Government will partner Institutes of Higher Learning (IHLs), companies and industry associations as an active enabler, to support individuals in gaining mastery in a range of sectors.
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Key initiatives
Higher income taxes for Singapore’s top 5%
Help for households in GST, income tax, maid levies
CPF salary ceiling to be raised
Petrol duty rates to be increased to encourage less car usage
Help for households in GST, income tax, maid levies
Higher income taxes for Singapore’s top 5%
New grant for Singaporeans to take up skills upgrading courses
Tax deduction of 300% for donations this year
Govt to help firms innovate, expand overseas
Support for business
Petrol duty up; one-off road tax rebate for drivers
Changes to foreign worker levies
More time for firms to adapt to rising costs
Support for families with children
REITs’ income tax, GST concessions extended for five years
Rise in foreign worker levies to be deferred
SkillsFuture initiatives
Singaporeans to receive S$50 more in GST Vouchers
Low-income elderly to get payouts every quarter
New scheme to improve quality, reduce fees of pre-school centres
Higher taxes for top 5% of earners
Firms welcome break from foreign levy hike
S$1b a year to help S’poreans chart lifelong learning journeys
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