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News: 2018 Budget Roundup - 10 things to note

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Here are 10 highlights from the 2018 Budget speech by Finance Minister Heng Swee Keat.

2018 budget speech

 

1. Angbao

All Singaporeans will receive $100 to $300, depending on their income.

 

2. Tobacco excise duty

Increase by 10% from today (20th Feb, 2018).

 

3. GST on overseas import services

Singaporeans might have to pay GST for Netflicks, Spotify, app store and even shopping online.

 

4. Buyer stamp duty

Increased to 4% for private property worth more than $1mil from today (20th Feb, 2018). Find out how this housewife saved $67,000 from her home purchase minutes after the increase was announced. 

 

5. GST hikes

Increase from 7% to 9% starting from 2021 to 2025.

 

6. Tax reduction for donations

250% tax deduction for donations to charities that are Institutions of a Public Character will be extended for three more years, until 2021.

 

7. Foreign domestic helper levy

Increase from $265 to $300 for first worker. $450 for second. Taking effect in April 2019.

 

8. Extension of S&CC rebates

Extended for one more year

 

9. Enhance housing grant

Promixity increase from 2km to 4km for living near parents. Grant increase from $20k to $30k.

 

10. New Enterprise Development Grant 

Combine IE Singapore and SPRING's existing grants, with up to 70 per cent co-funding.