GST NOT INCREASING IN 2021
The government confirms that the planned increase in GST (goods & service tax) from 7 percent to 9 percent will not be implemented in 2021. The tax hike was previously slated to occur sometime between 2021 and 2025.
However, Mr Heng, who is also the Finance Minister, reiterated that the broad-based consumption tax still needs to be implemented by 2025. A S$6 billion package will be introduced when the GST is raised in order to cushion the increase, with most Singaporean households getting offsets to cover around five years’ worth of extra GST expenses incurred.
One of these pay-outs include S$700 to S$1,600 for every adult Singaporean over five years, depending on household income and dwelling.
SUPPORT FOR HOUSEHOLDS DURING COVID-19 OUTBREAK
Singaporean households will receive monetary assistance to defray household expenses in an attempt to alleviate issues stemming from the COVID-19 outbreak and economic weakness. To this end, Mr Heng announced S$1.6 billion care and support package to benefit all adult Singaporeans aged 21 and older.
Beneficiaries will receive a one-off cash pay-out of S$100, S$200, or S$300 in 2020, depending on their income in 2019 and home ownership. Parents with one or more Singaporean children aged 20 and younger in 2020 will each also get an extra S$100 in cash. Everyone from low-wage workers, older workers, and Singaporeans living in HDB flats will benefit in some manner.
HELPING BUSINESSES DEFRAY WAGE COSTS
Companies will be receiving support to defray wage costs during this difficult economic climate. Two schemes, the new Jobs Support Scheme and the Wage Credit Scheme, which will be enhanced, will help support enterprises and also help workers stay employed as part of a larger S$4 billion Stabilisation and Support Package.
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