”Budget 2017 outlines how we can thrive in an uncertain and rapidly changing world. It is a call for us to pull together – the Government, firms, unions, community organisations and individuals, with everyone doing his part. Our bonds will help us develop greater resilience in the face of unexpected shifts and improve our ability to adapt.”
Heng Swee Keat
Minister for Finance, Singapore
20 February 2017
Minister for Finance, Singapore
20 February 2017
The Government’s Budget statement for financial year 2017 was delivered on Monday (Feb 20) by Finance Minister Heng Swee Keat who outlined three main themes of economy, environment and society that is facing our island nation of Singapore today.
Below are six measures that are likely to affect Singaporeans directly:
Below are six measures that are likely to affect Singaporeans directly:
Water prices are set to increase by 30 per cent in two phases starting July 1, 2017.
Prices of water need to reflect the rising costs of producing water. The Government's efforts in building more desalination and NEWater plants have also made water more costly. However, the Government will introduce measures to help lower and middle-class income households offset this increase. This is the first time in 17 years that water prices have been revised.
Prices of water need to reflect the rising costs of producing water. The Government's efforts in building more desalination and NEWater plants have also made water more costly. However, the Government will introduce measures to help lower and middle-class income households offset this increase. This is the first time in 17 years that water prices have been revised.
Taxes on diesel vehicles will also be restructured -
The Government is introducing a volume-based duty at S$0.10 per litre on automotive diesel, industry diesel and diesel components in biodiesel.
The Government is introducing a volume-based duty at S$0.10 per litre on automotive diesel, industry diesel and diesel components in biodiesel.
Increase in the GST Voucher - Utilities-Save (U-Save) rebate for eligible HDB households -
To offset the increase in water prices, there will be a permanent increase in the GST Voucher - Utilities-Save (U-Save) rebate for eligible HDB households. The increases will range from $40 to $120 depending on the HDB flat type. Lower-income households will also receive a one-off GST Voucher - Cash Special Payment of up to $200.
To offset the increase in water prices, there will be a permanent increase in the GST Voucher - Utilities-Save (U-Save) rebate for eligible HDB households. The increases will range from $40 to $120 depending on the HDB flat type. Lower-income households will also receive a one-off GST Voucher - Cash Special Payment of up to $200.
Service and Conservancy Charges (S&CC) rebate will be extended -
Eligible households will get 1.5 to 3.5 months of S&CC rebates this year.
Eligible households will get 1.5 to 3.5 months of S&CC rebates this year.
Personal Income Tax Rebate -
To help residents with tax bills, there will be a Personal Income Tax Rebate of 20 per cent of tax payable, capped at $500, for income earned in 2016. - See more at: http://news.asiaone.com/news/singapore/budget-2017-5-things-may-affect-you-directly#sthash.jsX4ahPi.dpuf
To help residents with tax bills, there will be a Personal Income Tax Rebate of 20 per cent of tax payable, capped at $500, for income earned in 2016. - See more at: http://news.asiaone.com/news/singapore/budget-2017-5-things-may-affect-you-directly#sthash.jsX4ahPi.dpuf
If you're a student: More bursaries for post-secondary education -
Annual bursaries will rise up to $400 more for undergraduates, up to $350 for diploma students and up to $200 for students in the Institute of Technical Education (ITE).
Other than increasing bursary amounts, the income eligibility criteria will also be revised, enabling about 12,000 more Singaporean students to benefit and bringing the total number of beneficiaries to 71,000.
Annual bursaries will rise up to $400 more for undergraduates, up to $350 for diploma students and up to $200 for students in the Institute of Technical Education (ITE).
Other than increasing bursary amounts, the income eligibility criteria will also be revised, enabling about 12,000 more Singaporean students to benefit and bringing the total number of beneficiaries to 71,000.
CPF Housing Grant increase for first-time home buyers -
Couples who are buying a resale flat for their first HDB home will receive more subsidies from the Government. First-timer couples who buy resale flats that are 4-room or smaller will get $50,000, up from the current $30,000. Those buying resale flats that are 5-room or larger will receive $40,000, also up from $30,000.
Couples who are buying a resale flat for their first HDB home will receive more subsidies from the Government. First-timer couples who buy resale flats that are 4-room or smaller will get $50,000, up from the current $30,000. Those buying resale flats that are 5-room or larger will receive $40,000, also up from $30,000.
Additional Registration Fees up, if you're thinking of buying a motorcycle -
Motorcycle riders may soon need to pay higher taxes on their vehicles, following the introduction of a tiered Additional Registration Fee (ARF) system. At present, all motorcycles incur an ARF of 15 per cent of their open market value (OMV). But with the new system, the ARF for motorcycles with OMV of up to $5,000 will remain at 15 per cent, the next $5,000 will incur ARF of 50 per cent, while the remaining value over $10,000 will be subject to an ARF rate of 100 per cent. The tiered ARF will apply to motorcycles registered from the second certificate of entitlement (COE) bidding exercise in Feb 2017.
The Transport Ministry will also stop the contribution of motorcycle COE quota to the open category, as very few have been used to register motorcycles.
Motorcycle riders may soon need to pay higher taxes on their vehicles, following the introduction of a tiered Additional Registration Fee (ARF) system. At present, all motorcycles incur an ARF of 15 per cent of their open market value (OMV). But with the new system, the ARF for motorcycles with OMV of up to $5,000 will remain at 15 per cent, the next $5,000 will incur ARF of 50 per cent, while the remaining value over $10,000 will be subject to an ARF rate of 100 per cent. The tiered ARF will apply to motorcycles registered from the second certificate of entitlement (COE) bidding exercise in Feb 2017.
The Transport Ministry will also stop the contribution of motorcycle COE quota to the open category, as very few have been used to register motorcycles.
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