Singapore Budget 2018

Summary of Budget 2018

1. Angbao
   All Singaporean will receive $100 to $300 depending on their income.

2. Tobacco excise duty
   Increase by 10% from today

3. GST on overseas import services
   We might have to pay GST for Netflicks, Spotify, app store and even shopping online.

4. Buyer stamp duty
   Increase to 4% for private ppty worth more than $1mil.

5. GST hikes
   Increase from 7% to 9% starting from 2021 to 2025.

6. Tax reduction for donations
   250% tax deduction for donations to charities that are Institutions of a Public Character will be extended for three more years, until 2021.

7. Foreign domestic helper levy
   Increase from $265 to $300 for first worker. $450 for second. Take effect April 2019.

8. Extension of S&CC rebates
   Extend for one more year

9. Enhance housing grant
   Promixity increase from 2km to 4km for living near parents. Grant increase from $20k to $30k.

10. New Enterprise Development Grant
    Combine IE Singapore and SPRING's existing grants, with up to 70 per cent co-funding

11. Corporate income tax
    Rebate raise to 40%, cap at $15k for Yr2018.
    20%, cap at $10k for Yr 2019.
    Meanwhile, to help the marine shipyard and process sectors cope with ongoing weakness, the foreign worker levy increases will be deferred for another year.

It is so happening in 2018...Huat Ahhh