Singapore’s 2010 Budget focuses on boosting productivity

Singapore’s 2010 Budget focuses on boosting productivity

Singapore’s Finance Minister, Mr Tharman Shanmugaratnam, delivered his Budget Speech in Parliament on Tuesday, 23 February 2010.
If the goal of a 2% to 3% increase in productivity over the next decade is reached, real incomes in ten years’ time could be raised by one-third. In support of this, the Singapore Government will spend S$1.1 billion per year over the next five years in the form of tax benefits, grants and training subsidies.
The Budget also allocated about S$1.4 billion in direct transfers for households, benefitting mainly lower and middle income families.
Over S$600 million will go to top-ups for Parent and Dependant-related Reliefs for older Singaporeans and families with school children. Tax reliefs for families will also increase. The current Wife Relief will be expanded to become Spouse Relief, to include households where the wife is the main breadwinner. Those supporting parents or grandparents also benefit from more tax relief.
Home owners also have something to look forward to.. Residential property tax will move to a three-tier progressive tax system. All HDB flat owners and the large majority of private property owners can expect to pay slightly lower taxes.


Browse these links for more information about Singapore’s 2010 Budget:

For families
Tax reliefs for households
Top ups for elderly and families with children

For home owners
Property tax system restructure

For businesses
Boosting productivity:
a) National Productivity Fund
b) Helping workers upgrade
c) Spurring innovation

Read more stories and view videos about Singapore’s 2010 Budget at Channel NewsAsia’s special focus website here.

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