SINGAPORE: The Government will make several changes to further improve the progress and sustainability of the Singapore tax system, Finance Minister, Heng Swee Keat, said in his Budget speech on Monday (February 18).
These changes include allowing workers to apply for Caregiver's Parental Relief if they are; get involved in the help of their parents, grandparent, parent-spouse or grandmother, to care for a child who is responsible for children who are non-married and unmarried, despite the age of the child.
At this time, mothers can work to show a Grandmother Care Recovery for a child aged 12 years and below.
The Non-ordinary scheme of residence (NOR) will also have permission after 2020, naming Mr Heng. The scheme, which was introduced in the 2002 Budget, allows an individual to provide a ST status for five years to obtain tax agreements. He wanted to attract talent with regional and global responsibilities to move to Singapore.
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Mr Heng also stated that tax incentives are also expanded and strengthened to enhance the competitiveness of the Singapore business.
These include the extension of the 100 per cent Investment Assignment under the Automation Support Package for a further two years to March 31, 2021. It was introduced in the 2016 Budget for three years to support to give companies up and down, driving productivity and increasing.
"The Government will continue to plan ahead for a long time," he said. "My commitment to owners is that our total tax and transfer system is still still fair, advanced and advanced."
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In his speech, Mr Heng said new investments would continue to use a different intelligent strategy; One approach will be taken for major infrastructure investments, and another for social expenditure and security in areas such as healthcare, pre-school education and security.
A "fairer and stronger" approach is to meet ongoing spending with ongoing income, Mr Heng said.
Many countries have taken the "easier way" by financing re-cyclical spending through loans, he said. But Singapore can not do this, because the "transfer of responsibility" loan is to pay for today's needs to a future generation. "
"It's not a Singapore way," he said.
A different approach will be taken for major infrastructure investments such as the development of the Changi East project and rail projects such as Cross Island Line.
"In terms of these huge costs where the benefits of many generations of Singapore, they pay them through a fairer and more efficient loan," he said.
"Loan, made in a responsible and sustainable manner, will help to establish financial control and disseminate a fairer funding across the current generations. present and future. "
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The Government had borrowed in the 1980s to build its first MRT lines in Singapore, and there are statutory boards as well as the Government's owned companies to continue to, Funds a number of major investment projects through loans.
The Changi Airport Group would take loans to fund its share of infrastructure investments for Changi East development.
In order to reduce funding costs, the Government, with the consent of President, warrants for Changi East loans, says Mr Heng. He said that this would allow them to tap the strength of the Government's balance sheet to restore this "strategic investment" and reduce the cost of borrowing.
The Government also investigates the choice of being able to; deploying government debt as part of the funding mix for long-term infrastructure projects that the Government will continue, he said.
In addition to the changes, it also identifies the relief of GST exporters for passengers, and the free validity of alcohol.
He also said, when the GST is built, as stated in the Budget; Previously, the Government will ensure that the total tax and tariff system remains healthy and advanced.
Lower income families and older people will be given more help with the development of a permanent GST Conservative Scheme, and the impact of the GST increase will also be retained for a period through an integrated GST package.
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Information will be published at a later date. Mr Heng was central to the fiscal system of Singapore the commitment to maintaining the tax burden below.
"At the end, a competitive tax system will help us to attract and retain investments and talents. These will help bring good jobs to Singapore," he said. "A competitive tax system is a major anchor for our economic growth, and the best way to raise tax revenue steadily."