Heng Swee Keat presented #SGBudget2018 yesterday. Budget 2018 is a strategic and integrated financial plan to build us a better future together.
What does it mean for business? For a vibrant and innovative economy, our businesses need to grow. Government will support businesses to innovate and build capabilities through grants and help firms grow and internationalise. We will continue to help firms and workers develop digital capabilities and skills to adapt to the digital economy.
For Singapore to become a smart, green, and liveable city, we need to reduce our carbon footprint. The new carbon tax will be $5 per tonne of greenhouse gas emissions, to encourage industries and consumers to cut back on emissions.
To better look after our seniors as they age, a new Silver Generation Office will help to coordinate the social and health related services for seniors.
Government spending will rise, especially in healthcare, infrastructure, and security. While we are on sound fiscal footing, we must plan ahead to ensure that we can always afford to spend what we need. The Government plans to increase GST from 7% to 9% sometime between 2021 to 2025. This will be done in a fair and progressive manner, and we will help households to cope with this change, especially poorer households.
Last year, we had a better-than-expected surplus. Each Singaporean aged 21 and above receive an SG Bonus of $100 - $300 depending on income, as we share the fruits of Singapore’s prosperity.
You can find out more about these measures and watch the speech on the Singapore Budget website here: http://www.singaporebudget.gov.sg/
– LHL
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