MOF Singapore

2022-11-15 05:10:26 Open / Comment

2022-11-14 10:09:59 #ICYMI: Deputy Prime Minister and Minister for Finance Lawrence Wong announced last Monday that the Assurance Package will be enhanced by $1.4 billion to $8 billion.

This will offset the GST increase for the majority of Singaporean households for at least five years, and around ten years for lower-income households.

More details will be unveiled at #SGBudget2023.

Check out this infographic for a summary of the support measures for Singaporeans Open / Comment

2022-11-12 07:29:45 Some have argued that there are alternatives to raising GST, such as raising income tax.

The Government has considered all these options. We announced that personal income tax for the top marginal rate will be raised from 22% to 24% from YA2024. This will bring an additional $170 million in taxes every year. In comparison, the GST increase will contribute $3.5 billion more to our revenue every year.

This means that in order to raise enough revenue to replace the GST increase, a broader group of income earners will have to pay higher personal income tax.

Learn more here Open / Comment

2022-11-11 12:22:43 To help Singaporeans cope with cost of living expenses, the Government used our one-off fiscal surplus in FY21 and better-than-expected fiscal outturn for first half of FY22 to fund two support packages in June and October this year.

In all, the Government has rolled out a total of $3.56 billion of support measures in 2022, to help Singaporeans with their cost of living concerns.

Watch this video to learn more Open / Comment

2022-11-09 16:55:39 The GST increase is an important revenue move to give us additional resources to meet our growing healthcare needs, and to take better care of our seniors. The increase in the GST rate will be staggered from 7% to 8% come 1 Jan 2023, and from 8% to 9% come 1 Jan 2024.

Our GST system is uniquely designed to ensure that those who are less well-off are taken care of, and those who are better off contribute their fair share in revenues.

Watch this video to learn more Open / Comment

2022-11-08 12:28:13 The ability to tap on our reserves has been a significant financial advantage for Singapore through the years.

The Government is committed to protecting all Singaporean households cope with their cost of living concerns as the inflation outlook evolves. Managing our reserves carefully allows us to strike a balance between these needs, and our spending for the short and long term.

Watch this video to learn more Open / Comment

2022-11-07 16:00:08 Deputy Prime Minister and Minister for Finance Lawrence Wong announced today that the Government will enhance the Assurance Package to around $8 billion to help Singaporeans cope with the GST increase.

Along with the permanent GSTV Scheme and the absorption of GST for publicly subsidised healthcare and education, the Government is committed to helping Singaporeans, especially the less well-off, adjust to the changes.

Watch this video to learn more! Open / Comment

2022-11-07 05:49:24 #ICYMI: Single-income families living in 3-room flats can expect to get up to $4,600 of government assistance from Apr this year to Feb next year.

Here is a summary of what to expect Open / Comment

2022-11-04 14:29:14 #ICYMI: Middle-income families living in 4-room flats can expect to get close to $2,900 of government assistance from Apr this year to Feb next year.

Here is a summary of what to expect Open / Comment

2022-11-03 13:47:40 Last month, Deputy Prime Minister and Minister for Finance Lawrence Wong announced a $1.5b support package to provide additional cost of living relief for all Singaporean households.

This is in addition to the various support measures that were announced previously, such as the Household Support Package and the Assurance Package.

Here is a summary of what to expect in the coming months Open / Comment