Singapore Budget 2009

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Simplified version of the summary of Singapore Budget 2009. Some of the main points that will affect me (us) are in bold below.

The Singapore government has unveiled a S$20.5 billion Resilience Package to save jobs, help businesses and enhance competitiveness. The highly expansionary Budget will result in a S$8.7 billion deficit - the country's largest ever.

Finance Minister Tharman Shanmugaratnam in unveiling the budget said the government will dip into the reserves to draw S$4.9 billion to fund two temporary and extraordinary measures - Jobs Credit and a Special Risk-Sharing Initiative.

The Jobs Credit scheme provides every employer with cash grants amounting to 12 per cent of the first S$2,500 of an employee's wage, while the Special Risk-Sharing Initiative will help viable companies get funding and keep jobs.

The Budget also sees corporate income tax down to 17 per cent effective from Year of Assessment 2010.

To give additional support to Singaporean households and the community during this economic downturn, GST Credits for households are being doubled, additional rebates given for rentals and service and conservancy charges in public housing.

In terms of personal tax, there will be a 20 per cent income tax rebate for individual tax payers, capped at S$2,000, and a 40 per cent property tax rebate for owner-occupied homes.

Watch the video here.
Speech can be read here.

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