As a Singapore taxpayer, I look forward to the annual Budget announcement every year to see what kind of “rebates” I get back.
Here is a quick summary for WhatCard readers based on information from the Straits Times’ live blog (https://www.straitstimes.com/budget-2020-live-blog), summarized for you:
If you are a Singaporean aged 25 and up, you get:
- $500 SkillsFuture top-up (available from 1st Oct and expiring in 2025, a.k.a. the next election year)
- $100-$300 cash
If you are thinking of getting an electric vehicle either for personal or for your Grabcar commercial vehicle, you get:
- Rebate of up to 45 per cent on the additional registration fee, capped at $20,000
- This is on top of the existing VES, where car buyers and taxi operators who choose cleaner car models can receive an upfront rebate of up to S$20,000 and S$30,000 respectively.
If you have a kid, you get:
- $100 cash pay out for each parent for each child age 20 and below
- More pre-school subsidies
- More government-supported pre-schools
- The total value of education subsidies for a child from birth to age 16 is ~S$180k
If you live in a large household (5 or more members), you get:
- An additional GST Voucher rebate for larger households with five or more members, to help them with their utility bills
- Together with the U-Save Special Payment, larger households can receive a total of 2.5 times their regular U-Save rebates this year
- These households can receive up to $1,000 in U-Save rebates, depending on their flat type