Singapore BUDGET 2015 thoughts

Generous Budget

It’s been a few days since the unveiling of Budget 2015. Some have coined it a Robin Hood budget, and you can see why, at least as far as taking from the rich is concerned. Let’s face it, with the general public expectation that it would be an election budget, not many were expecting a tax hike for the top personal income tax rates. It’s a bold move, and top earners will be a trifle upset, but frankly speaking, I’m sure they’ll manage. They are top earners for a reason.

Nevertheless, the Budget 2015 is the most generous spending Budget by the Government since the economic crisis. A planned deficit of $6.7 billion is quite an eye-opener. In any case, the lower income groups definitely stand to benefit. The 50% personal income tax rebate (capped at $1,000) should have quite an impact for them, and the increase in GST Vouchers will also come in handy.

I’ve always been a fan of the various programmes the Government implements to take care of its senior citizens. The additional Special Employment Credit, the increase in the CPF contribution rates and the additional interest on CPF balances from age 55 onwards, and are all to be appreciated, although some have argued that the last one should have been done ages ago. The Silver Support Scheme is a targeted subsidy scheme that will be welcomed nationwide, as long as the mechanisms are in place to ensure it goes to those that rightly qualify.

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Happy Chinese New Year!