Live Report: Singapore Budget 2015
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Thank you for tuning in to our live coverage of Singapore's 2015 Budget announcement! While we work on round-up and reaction stories (links will be posted here hot off the press!), please see the highlights of the Budget speech delivered by Finance Minister Tharman Shanmugaratnam earlier this afternoon:
1) Higher taxes for top 5% of income earners
2) Increase in CPF salary ceilings to $6,000 and increments in contributions for older workers (2% for workers aged 50-55, 1% for workers aged 55-60, 0.5% for workers aged 60-65)
3) New Silver Support Scheme of between $300- $750 for eligible seniors in quarterly payouts
4) GST Voucher increments
5) New SkillsFuture scheme giving learning grants to all Singaporeans
6) New partner operator scheme to add on to existing anchor operator scheme for early childhood education, to reduce preschool fees
7) Increased petrol taxes of 20 cents for premium-grade and 15 cents for intermediate-grade fuel
8) Higher tax deduction of 300% for donations made in this Jubilee year
9) Carbon Emissions scheme extended to end June 2017
We've also got a list of winners and losers from this year's Budget.
Also, do check out our story on the memes and other social reactions to the Budget.
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#AmericanSniper trial delayed because of weather yhoo.it/1LA2uvRby Yahoo Singapore via twitter 2/24/2015 1:39:05 AM -
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Singapore's productivity drive includes "not just hardware but heartware" - Tax Partner Toh Boon Ngee #SGBudget2015 straitstimes.com/news/singapore…by KPMG Singapore via twitter 2/23/2015 11:43:06 AM -
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#SGBudget #SkillsFuture Ensure only relevant & quality training are accredited, otherwise tax payers' money will be wasted - Lennon Leeby PwC Singapore via twitter 2/23/2015 10:44:17 AM
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#SGBudget's skillset & silver support initiatives will help secure the future, but there's a cost to this – likely higher GST. - Koh Soo Howby PwC Singapore via twitter 2/23/2015 10:36:50 AM
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Radical - your information is accurate. Having worked in a few of the countries that you listed below, I second the high cost of living in those countries. The residents pay significantly more in personal income tax and social security/pension than we do.
I am sure the internet can offer much more insight for those interested in reading up. -
Overall conclusion on the budget:
There is some good points and bad points, and the issue is lying around still. Even though the gov is doing its best still, but i think the gov can do better in addressing the budget. I think the gov should really come out and ask the people on what is the real problem.
Even though i feel that the ministers are actually earning more than other country, i feel like the job done by the gov must be more than just this. I know it does not satisfy everyone, but i am sure that individual has to play a part on knowing how to save cost on certain areas etc.. -
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Thank you for the Budget Mr. Minister. I hope next Election you don't stand in GRC, try taking on Single Seat..you will surely be elected. And i appreciate your CPF & Petrol increase by the way..lucky me, i decided to ride a bicycle instead and really i like everything about the Budget 2015, one word FANTASTIC..Singaporeans HUAT ARH -
No Words, it is not how much they pay in those countries listed by Radical. Instead it is how much disposal income is left net of income tax that matters.
I know that the grass seems to be always greener over at the other side. Try working and living in those countries, you will find that Singapore is still the best. -
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(2/2) welcome move to help address rising labour costs for businesses - Tax Partner, Toh Boon Ngee #SGBudget2015by KPMG Singapore via twitter 2/23/2015 10:13:37 AM
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WCS - although the co-fund by govt will reduce from 40% to 20% for 2016 and 2017,the extension of the scheme is a … (1/2) #SGBudget2015by KPMG Singapore via twitter 2/23/2015 10:13:33 AM
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(2/2) and technology based innovation - Tax Partner, Boon Ngee #SGBudget2015by KPMG Singapore via twitter 2/23/2015 10:10:35 AM
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Minister Tharman has recognized the need for wider definition of innovation to include not just science … (1/2) #SGBudget2015by KPMG Singapore via twitter 2/23/2015 10:10:31 AM
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(2/2) skills and lifelong learning at every level so pivotal for long-term transformation of economy - Tax Partner, Boon Ngee #SGBudget2015by KPMG Singapore via twitter 2/23/2015 10:09:05 AM
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The drive for productivity has broadened to include not just hardware but "heart"ware with strong focus on deepening of (1/2) #SGBudget2015by KPMG Singapore via twitter 2/23/2015 10:08:57 AM
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Increase in top personal income tax rates will raise an additional revenue $400 million a year when it comes into effect #SGBudget2015by MOFsg via twitter 2/23/2015 10:08:13 AM
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2% increase in income tax rates for higher income earners from YA2017. Top 5% earners affected #SGBudget2015 http://pbs.twimg.com/media/B-hWfhrCIAArsRb.jpg
by MOFsg via twitter 2/23/2015 10:06:33 AM -
Inflation rate dips slightly on the back of cheaper oil sg.sg/1zyXTmaby Singapore Government via twitter 2/23/2015 10:06:11 AM -
Govt to raise personal income tax rates of the top income earners on.fb.me/1DN1sKh #SGBudget2015by MOFsg via twitter 2/23/2015 10:05:21 AM
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SG fiscal philosophy: sustain vibrant economy,fair & equitable system of taxes & benefits,keep tax burden on middle-income low#SGBudget2015by MOFsg via twitter 2/23/2015 10:04:45 AM
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Temasek to be included in Net Investment Returns framework; add. resources to fund govt expenditures on.fb.me/17pE1Kx #SGBudget2015by MOFsg via twitter 2/23/2015 10:04:09 AM
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Govt to take steps now to strengthen future revenues #SGBudget2015by MOFsg via twitter 2/23/2015 10:02:46 AM
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Govt spending will reach 19-19.5% of GDP over next 5 years. Spending will be done judiciously, achieving value-for-money #SGBudget2015by MOFsg via twitter 2/23/2015 10:02:34 AM
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A new Changi Airport Development Fund will be set up, with an initial injection of $3B #SGBudget2015by MOFsg via twitter 2/23/2015 10:02:17 AM
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#SgBudget2015 SG 50 budget does not disappoint to be one for the future and one for the peopleby Gan Hwee Leng via twitter retweeted by KPMGSingapore 2/23/2015 10:01:53 AM -
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Hope budget will include review on the medical subsidy. This would include getting updated information on the medical class. Like some who are rich, they explore the system to allow them to be in lower medical class and make saving as much as possible. This saving should be better channel to those who need more.
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Earnings and taxes go hand in hand. I am only referring to GST. We are one of the few countries with the lowest income tax needed to pay. You want compare?
Income tax
Australia - 17%-45%
Japan - 5% to 50%
Sweden- up to 57%
Singapore - 3.5% to 20%
The higher your income the higher taxes one have to pay. Sometime the minorities of you guys never understand the relation between GST/VAT, income tax and salary are all inter-related in every countries, and ours is considered one of the lowest. -
(2/2) SME to take small steps in expanding through acquisition. Tax Partner, Low, Anna #SGBudget2015by KPMG Singapore via twitter 2/23/2015 9:59:34 AM
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Meaningful increase in M&A allowance . Reducing the percentage of shareholdings acquired to at least 20% encourages … (1/2) #SGBudget2015by KPMG Singapore via twitter 2/23/2015 9:59:28 AM
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Savings from the reduced FDW levy more than the rise in petrol duties if the same family also drives a car #SGBudget2015by MOFsg via twitter 2/23/2015 9:58:51 AM