In 2018, the Singapore economy grew by 3.2%, with the overall budget at a surplus of S$2.1 billion or 0.4% of GDP.
For 2019, the government has projected an overall budget deficit of S$3.5 billion. Heng stated that apart from an increase in the total expenditure of government ministries, part of the deficit would also be a result of S$6.1 billion being set aside for the “Merdeka Generation” Package (support for the citizens born between 1950 and 1959) and S$5.1 billion being set aside for long-term care support. Eligible Singaporeans will also get up to S$300 as part of a “Bicentennial Bonus”, as well as a personal income tax rebate. The tax system will be made more progressive and resilient, he said.
The Finance Minister also announced a tightening of the foreign worker quota for the services sector among other initiatives for businesses and workers.
Here’s what you need to know about the Singapore 2019 Budget.
Al momento il nostro sito non eroga alcun cookie di profilazione.