Economy

Singapore Announces Monetary Bonus To All Citizens After Surplus In Budget

Singapore Announces Monetary Bonus To All Citizens After Surplus In Budget

Heng Swee Keat, the country's Minister of Finance, made the announcement on Monday in the yearly budget proposals.

In FY2016, after Temasek was added to the framework, NIR contribution overtook corporate income tax to become the top source of government revenue for the first time.

Heng said the government intends to lift the Goods and Services Tax by two percentage points, to 9 percent from 7 percent, sometime in the period 2021-2025.

Singapore's finance minister says the exact timing of the tax adjustment depends on "the state of the economy, how much our expenditures grow and how buoyant our existing taxes are".

It doesn't help, of course, that GST is going up as well.

According to reports, Heng explained the GST increase is "necessary because even after exploring various options to manage our future expenditures through prudent spending, saving and borrowing for infrastructure, there is still a gap".

This was raised to 4 percent in 2003 and 5 percent in 2004, then to 7 percent in 2007.

More news: Boko Haram Terrorists Attack Yobe Community

Currently, about $800 million is disbursed every year.

The new GST would be applied to business-to-business (B2B) and business-to-consumer services, such as marketing, accounting, and IT services as well as apps, online software subscription fees, and video and music streaming services. Overseas suppliers with establishments in Singapore will also not be affected.

"Singapore produces less carbon emissions per dollar of GDP than most countries", he said, as he unveiled the measure as part of the city-state's 2018 budget.

Any Singaporean citizen aged 21 years and above will receive up to KSh 23,000, the government has announced. It will be reviewed by 2023, and is planned to be increased to S$10-S$15 per tonne by 2030.

The ministry, however, stressed that when it comes to households, the impact of the carbon tax will be "small", making up about 1 per cent of total electricity and gas expenses on average.

He stressed that the carbon tax will not be imposed on petrol, diesel and compressed natural gas as excise duties already encourage the reduction of the use of these fuels.

Singapore expects to collect carbon tax revenues of almost $7.6bn in the first five years, but the government is willing to spend more than that to help companies, he said.


  • Jay-Z Spent $91K On Bar Tab For Juan

    Jay-Z Spent $91K On Bar Tab For Juan "OG" Perez's Birthday

    A true man of the people, Jay was spotted handing out bottles of the pricey bubbly to fellow revelers. Jay Z lived up to his lyrics - specifically, "big pimpin, spendin' G's" - on a recent night out.
    Rays reportedly send Steven Souza to Diamondbacks in three-way trade with Yankees

    Rays reportedly send Steven Souza to Diamondbacks in three-way trade with Yankees

    Drury can play either second base or third base for a team that could start rookies at both spots this season. The Yankees dealt prospects Nick Solak to the Tampa Bay Rays and Taylor Widener to Arizona in the deal.

    Sevilla vs Manchester United Preview

    Paul Pogba was among the group heading to Spain after reportedly recovering from the illness that kept him out of action at the weekend.
  • Saudi Women Allowed to Start Businesses Without Male Permission

    Saudi Women Allowed to Start Businesses Without Male Permission

    The Saudi Arabia government, to expand its private sector, is opening up opportunities for women so that it benefits the economy. Saudi has been for always been ruled by a strict guardianship and this announcement proves to be a positive move for the women .
    Jenelle Evans Explains Why She Smoked Marijuana While Pregnant With Daughter Ensley

    Jenelle Evans Explains Why She Smoked Marijuana While Pregnant With Daughter Ensley

    I have really bad esophageal spasms and I throw up every five minutes, I can't even eat.' And they said, 'OK, some moms do that. Understandably, Child Protective Services were informed of the results and sent to do a wellness check on Jenelle.
    Fla. sheriff visits teen who took bullets for classmates

    Fla. sheriff visits teen who took bullets for classmates

    Cruz was a previous student of the school and was expelled for disciplinary reasons. "None of us knew what to do", Rodriguez said. Many people have contributed to a GoFundMe page to help Anthony Borges and his family as news of his heroism has spread.
  • SpaceX rocket launch from Vandenberg delayed again

    SpaceX rocket launch from Vandenberg delayed again

    The 23-story-tall jumbo rocket carried a Tesla Inc Roadster from the assembly line of Musk's electric auto company. It is possible that this booster can be used to orbit satellites of the Starlink project in the next few years.
    What Yuzuru Hanyu does with all those Winnie the Pooh bears

    What Yuzuru Hanyu does with all those Winnie the Pooh bears

    Chen and Hanyu will return to the ice Saturday for the men's free skate, which is their final event of the 2018 Winter Olympics . Fellow American Adam Rippon finished seventh without attempting a quad in what was otherwise a jumping contest for the men.
    Maharashtra signs MoUs worth Rs4.8 trillion at Magnetic Maharashtra summit

    Maharashtra signs MoUs worth Rs4.8 trillion at Magnetic Maharashtra summit

    Besides a clutch of global CEOs, leading Indian industrialists shared the dais with the PM at the Magnetic Maharashtra Convergence 2018.
  • Iran: Sufi Protests in Tehran Turn Violent

    Iran: Sufi Protests in Tehran Turn Violent

    A video on social media showed a white bus ploughing through a group of around 40 riot police officers in a narrow street. The police spokesman Saeed Montazer al-Mahdi said that police arrested nine people over the murder of the policemen.
    Gilead Sciences, Inc. (GILD) Holdings Trimmed by Burns JW & Co. Inc. NY

    Gilead Sciences, Inc. (GILD) Holdings Trimmed by Burns JW & Co. Inc. NY

    The highest price GILD stock touched in the last 12 month was $89.54 and the lowest price it hit in the same period was $63.76. First Foundation Advisors decreased Gilead Sciences Inc (GILD ) stake by 12.89% reported in 2017Q3 SEC filing. (NASDAQ:GILD).
    Teen girl accused of planning armed robbery of friend in Texas

    Teen girl accused of planning armed robbery of friend in Texas

    Police, however, still took two people into custody - the 16-year-old boy and Mize, the Montgomery County Police Reporter said. In an early article on Mize's case, a now-deleted NBC Houston post referred to Mize as having a "promising future as a model".