Singapore Budget 2010

Well with the FY Singapore Budget 2010 speech by Minister for Finance, Mr Tharman Shanmugaratnam yesterday, looks like our gahmen is digging in their reserves and promises angpows to our fellow Singaporeans

Some of the Singapore Budget 2010 highlights includes:

• One-time 20 percent rebate on personal income tax for Year of Assessment 2009
• Wives who are taxpayers can also claim a spouse relief of S$2,000 – similar to the current scheme for husbands.
• The income threshold for dependant-related reliefs will also go up from S$2,000 to S$4,000.
• Grant for first-time home buyers raised to S$50,000 from S$40,000
• Tax deduction for charitable contributions raised to 250 percent from 200 percent.
• From next year, if the flat or private property you live in and own has an annual value of S$65,000, you will pay up to S$240 less in property taxes.
• Those taking care of their parents and grandparents can expect greater tax relief of up to S$7,000.
• For the elderly, there will be a one-off top-up of the CPF-Medisave Accounts of older Singaporeans aged 50 and above.
• S$310 million Medisave top-up by the government.
• Government set aside additional S$200 million for Medifund – which supports needy Singaporeans, and another S$200 million for the ElderCare Fund to meet longterm healthcare needs.
• For families with children, they can look forward to further top-up of the Post Secondary Education Accounts (PSEA)

So are you happy with the Singapore Budget 2010 outcome?

Are you on-board with the gahmen plans for PRODUCTIVITY and MAKING BABIES, now that the angpows are announced.

I would imagine being Singaporeans, our likely and typical response would still be “Money still no enough …”