Saturday, January 24, 2009

Singapore Budget 2009! @ 1:51 AM

Nothing much on today. Went for facial in the evening for the coming CNY.
Head to Heeren for dinner & than to movie. A chinese comedy.

As the title says, Singapore will for the first time tap its vast financial reserves, as part of measures to fight what is likely its worst-ever recession. "The president has given his in-principal approval" to fund 4.9 billion dollars (3.26 billion US) worth of recession-relief measures from the reserves.

Finance Minister Tharman Shanmugaratnam unveiled on Thursday a massive S$20.5 billion plan in the Budget to help Singaporeans keep jobs and viable companies stay afloat as Singapore grapples with its worst—ever recession. The government will introduce a Jobs Credit which will encourage businesses to preserve jobs as much as possible in the downturn. The Jobs Credit will provide every employer with a cash grant to reduce their costs of employing Singaporean workers during the crisis.

To help households, the government will double the GST Credits that households will receive in 2009. Each household will get an additional payout of GST Credits, on top of the one that they will receive in July. The additional GST Credits will be paid out on 1 March.

On top of that, Households will get a 20 per cent personal income tax rebate for Year of Assessment 2009, capped at S$2,000. There will also be 40 per cent property tax rebate for owner—occupied homes in 2009. Together, these two tax rebates will cost the government S$532 million (S$75 million for property tax rebates and S$457 million for income tax rebates). Home—buyers will also get more help to pay for their first home. The Additional CPF Housing Grant for first time home—buyers will be increased from S$30,000 to S$40,000.

Saturday, January 24, 2009

Singapore Budget 2009! @ 1:51 AM

Nothing much on today. Went for facial in the evening for the coming CNY.
Head to Heeren for dinner & than to movie. A chinese comedy.

As the title says, Singapore will for the first time tap its vast financial reserves, as part of measures to fight what is likely its worst-ever recession. "The president has given his in-principal approval" to fund 4.9 billion dollars (3.26 billion US) worth of recession-relief measures from the reserves.

Finance Minister Tharman Shanmugaratnam unveiled on Thursday a massive S$20.5 billion plan in the Budget to help Singaporeans keep jobs and viable companies stay afloat as Singapore grapples with its worst—ever recession. The government will introduce a Jobs Credit which will encourage businesses to preserve jobs as much as possible in the downturn. The Jobs Credit will provide every employer with a cash grant to reduce their costs of employing Singaporean workers during the crisis.

To help households, the government will double the GST Credits that households will receive in 2009. Each household will get an additional payout of GST Credits, on top of the one that they will receive in July. The additional GST Credits will be paid out on 1 March.

On top of that, Households will get a 20 per cent personal income tax rebate for Year of Assessment 2009, capped at S$2,000. There will also be 40 per cent property tax rebate for owner—occupied homes in 2009. Together, these two tax rebates will cost the government S$532 million (S$75 million for property tax rebates and S$457 million for income tax rebates). Home—buyers will also get more help to pay for their first home. The Additional CPF Housing Grant for first time home—buyers will be increased from S$30,000 to S$40,000.