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Summary and Highlights from Singapore Budget 2020

Singapore Budget 2020 Highlights

Summary and Highlights from Singapore Budget 2020

Last Updated on July 15, 2020

  

Deputy Prime Minister and Minister for Finance, Mr Heng Swee Keat, delivered Singapore’s Financial Year 2020 Budget Statement on 18 February 2020.

GST TO REMAIN AT 7% FOR 2021

The 2% increase in GST will not be implemented in 2021 keeping in mind the current state of the economy. However, the GST increase will still be needed by 2025, and the government will assess the appropriate time to announce it.

When the GST is raised, Singaporeans will be provided a S$6 billion Assurance Package. This S$6 billion will be set aside to cushion the impact of the GST increase. Households will receive offsets equivalent of 5 years’ worth of additional GST expenses incurred. Low-income households will receive offsets equivalent of 10 years’ worth of additional GST expenses incurred.

Singaporeans living in 1 to 3 room HDB flats will receive offsets equivalent to about 10 years’ worth of additional GST expenses incurred.


  

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