Budget 2009 - Highlights | Jorbb.com
A S$20.56 billion Resilience Package, with the key message on keeping jobs.
1. Cut in corporate tax rate from 18% to 17% wef YA2010. The budget has even sharpened Singapore's cost-competitiveness by cutting the corporate income tax rate by 1ppt to 17%, which makes Singapore's tax rate compare favourably with Hong Kong's 16.5%.
2. S$800m property tax rebates for industrial and commercial properties this year.
3. S$5.1b to save jobs. Employers will get a 12% cash grant on the first S$2,500 earned by each employee on the CPF payroll. The government will increase recruitment in the public sector, creating 18,000 jobs over the next two years. It is equivalent to a 9 ppt CPF rate cut.
4. Extend $5.8b in government capital for a Special Risk-Sharing Initiative (SRI) to stimulate bank lending. Lending to SMEs will receive a boost with the government now upping its share of risk on bridging loans to 80% from 50%. The loan quantum will now also cater to larger companies, with the increase to $5 million from $500,000.
5. Tax measures and grants for businesses of $2.6b. Government-sharing in risk for trade financing.
6. $2.6b will go towards supporting Singaporean households this year.
§ Households will benefit in the form of additional GST rebates worth $580 million.
§ An extension of the 20% personal income tax rebate from last year.
§ The 40% property tax rebate for owner-occupied residential properties will also take away additional costs for households.
§ Ensuring first time home buyers are able to afford public housing, the government has increased the additional CPF housing grant to $40,000 from $30,000.
7. $4.4b on developing infrastructure, education and health care.
For full budget report, please access the Singapore Budget website at http://www.singaporebudget.gov.sg/ For feedback on the Singapore Budget Speech 2009, please access the Singapore Budget Feedback website at www.singaporebudget.gov.sg/feedback.html.
Full Article Source & Image Source.
Jorbb gets Jobs for You! Job Seekers join Free / Employers Post 1st Ad Free. Earn credits to exchange great gifts.
Follow Jorbb on Twitter, Friendfeed, Facebook Group and Mobiles/iPhones!
1. Cut in corporate tax rate from 18% to 17% wef YA2010. The budget has even sharpened Singapore's cost-competitiveness by cutting the corporate income tax rate by 1ppt to 17%, which makes Singapore's tax rate compare favourably with Hong Kong's 16.5%.
2. S$800m property tax rebates for industrial and commercial properties this year.
3. S$5.1b to save jobs. Employers will get a 12% cash grant on the first S$2,500 earned by each employee on the CPF payroll. The government will increase recruitment in the public sector, creating 18,000 jobs over the next two years. It is equivalent to a 9 ppt CPF rate cut.
4. Extend $5.8b in government capital for a Special Risk-Sharing Initiative (SRI) to stimulate bank lending. Lending to SMEs will receive a boost with the government now upping its share of risk on bridging loans to 80% from 50%. The loan quantum will now also cater to larger companies, with the increase to $5 million from $500,000.
5. Tax measures and grants for businesses of $2.6b. Government-sharing in risk for trade financing.
6. $2.6b will go towards supporting Singaporean households this year.
§ Households will benefit in the form of additional GST rebates worth $580 million.
§ An extension of the 20% personal income tax rebate from last year.
§ The 40% property tax rebate for owner-occupied residential properties will also take away additional costs for households.
§ Ensuring first time home buyers are able to afford public housing, the government has increased the additional CPF housing grant to $40,000 from $30,000.
7. $4.4b on developing infrastructure, education and health care.
For full budget report, please access the Singapore Budget website at http://www.singaporebudget.gov.sg/ For feedback on the Singapore Budget Speech 2009, please access the Singapore Budget Feedback website at www.singaporebudget.gov.sg/feedback.html.
Full Article Source & Image Source.
Jorbb gets Jobs for You! Job Seekers join Free / Employers Post 1st Ad Free. Earn credits to exchange great gifts.
Follow Jorbb on Twitter, Friendfeed, Facebook Group and Mobiles/iPhones!
Labels: economy
posted by Jorbb @ 3:17 PM
0 Comments:
Post a Comment
<< Home