It’s that time of the year with the Singapore Budget 2017 having been released this February 2017.
When compared to the Australian ‘Super Budget’ of 2017, it is quite a pain-free experience reading through the announcements. Here we take a look at some of the key highlights that may impact us as expats living in Singapore:
1. Water prices are on the rise
It was announced that there would be an increase in water prices of 30%, which would occur over two phases. The first of which is expected to be implemented from 1st July 2017.
2. HDB Housing Grants to be lifted
While this may not affect many expats, for those with Singaporean partners, this may have an impact on you. The government has announced that they will be increasing the HDB housing grant from S$30,000 to S$50,000 for first-time buyers of HDB resale flats.
3. Personal income tax rebate
In a measure that will cost the Singapore government approximately S$385 million, we can expect to see a tax rebate of 20% on income tax paid in 2016, subject to a cap of S$500. Every dollar helps.
4. S$700 million of infrastructure spending brought forward
One of Singapore’s greatest strengths is its commitment to infrastructure spending in the country. In comparison to Australia, the country’s ability to bring projects to completion both under time and budget is uncanny. The government has announced it would be bringing forward over $700 million in infrastructure spending.
You can read more about the Singapore Budget for 2017 and key announcements here – https://www.gov.sg/microsites/budget2017.
To Your Financial Success!
Jarrad Brown is an Australian-trained and qualified Independent Fee-Based Financial Adviser with Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to international and local professionals in Singapore.
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*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.
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