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Budget 2011
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francisd
Veteran |
18-Feb-2011 18:13
Yells: "BUY LOW SELL HIGH" |
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This is applicable for this year payment only and will be refunded by MAY.11. Earlier years just WRITE IT OFF. |
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KIMPEK
Member |
18-Feb-2011 18:00
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I think IRAS will refund... let's see
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iPunter
Supreme |
18-Feb-2011 17:55
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This is long overdue.   What about the license fees collected in precious years/decades?...         Hopefully it can be backdated... any possibility of this? ...
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krisluke
Supreme |
18-Feb-2011 17:45
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Singapore budget filled with handouts ahead of elections
By Kevin Lim
  SINGAPORE, Feb 18 (Reuters) - Singapore unveiled a budget on Friday filled with handouts for poorer citizens, with an eye on elections that may be called as early as the second quarter.   Measures for the upcoming financial year included a package of benefits for Singaporeans worth S$6.6 billion ($5.2 billion), as well as lower income taxes for all middle-income families in the city-state, Finance Minister Tharman Shanmugaratnam told parliament in his budget speech.   In response to growing inflationary pressures, he said the central bank would allow the currency to appreciate in order to moderate price increases, but warned that any sharp gains in the Singapore dollar posed dangers to the economy.   " However, using the exchange rate to offset sudden spikes in prices, such as what have seen in oil prices over the last six months, would require a sharp appreciation of the Singapore dollar. This would disrupt our exporters," he said.   Although the economy is booming and Singapore is one of the world's richest nations in terms of per capita GDP, the government must address a widening income gap and worries about rising inflation, which could hit 5-6 percent year-on-year in the first quarter of 2011.   There were also some benefits for companies in the budget, including enhanced tax rebates for firms that invest to raise productivity, but these were offset by an increase in employers' contributions to employee pensions and higher levies on firms that employ lower skilled foreign workers.   " We will take further measures to ensure an inclusive society, where everyone can contribute and share in the country's progress," Tharman said.   " In Budget 2011, we are moving ahead with major measures for our future to build up a vibrant economy and enable an inclusive society. Our strong budget also allows us to provide an additional package of benefits to all Singaporeans this year."   Helped by strong economic growth of 14.5 percent last year, Tharman said Singapore will report a small overall budget deficit of S$300 million ($235 million), or 0.1 percent of gross domestic product, for the financial year ending March 2011.   Singapore's actual fiscal surpluses are even higher, as proceeds from land sales are put directly into reserves and not reflected as revenue in its annual budgets.   The government had previously projected a S$3 billion deficit for FY2010/11.   Tharman also said in a budget speech that government will put back into reserves S$4 billion that it had withdrawn earlier.   Prime Minister Lee Hsien Loong must hold general elections by February 2012, but the government has indicated it will call a poll in the second quarter.   Lee's People's Action Party has ruled Singapore since independence and is widely expected to win most of the seats at the next election.   Rising prices for everything from food to housing is expected to be a major campaign issue.   For more highlights from the budget speech, see   For the full budget speech, see   ($1 = 1.276 Singapore Dollars) (Reporting by Kevin Lim) |
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krisluke
Supreme |
18-Feb-2011 17:29
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Budget offers S$6.6 bln in incentives to Singaporeans
(Adds more details from budget speech)
  Feb 18 (Reuters) - Following are highlights of Singapore's budget for the next financial year starting April 1, 2011, presented to parliament by Finance Minister Tharman Shanmugaratnam on Friday: For a link to the government website, see: http://www.singaporebudget.gov.sg/budget_2011/budget_speech.html< /A1 >     BUDGET DEFICIT   " We have originally estimated an overall budget deficit of S$3 billion or about 1.0 percent of GDP for FY2010. Given much improved economic performance, we now expect the overall budget to be close to a balanced position, with a small deficit of S$0.3 billion or 0.1 percent of GDP."   " The better growth is estimated to account for about 80 percent of the increase in revenues over what we projected a year ago. The property market was also much stronger, resulting in futher increases in stamp duties and other revenues."     INFLATION AND CURRENCY   " Our first approach is to seek to moderate medium-term inflationary pressures through the Singapore dollar exchange rate policy of the MAS (Monetary Authority of Singapore).   " However, using the exchange rate to offset sudden spikes in prices, such as what have seen in oil prices over the last six months, would require a sharp appreciation of the Singapore dollar. This would disrupt our exporters."     GROWTH   " We expect Singapore to be able to sustain growth of 3 percent to 5 percent on average over the rest of the decade, lower than the 4 percent to 6 percent we had expected for the last decade."     HIGHER EMPLOYERS' CONTRIBUTION TO PENSIONS   " As our economy has recovered strongly, it is timely we review our CPF (central provident fund) contribution and the CPF salary ceiling."   " In 2011, we will raise the employer contribution rate by another 0.5 percentage points, from 15.5 percent to 16 percent, which will restore total contribution rate to 36 percent. This additional 0.5 percent go into the special account."   " We will revise the CPF salary ceiling from S$4,500 to S$5,000 per month to keep pace with income growth in recent years."     CORPORATE TAX REBATE AND LEVIES   " Companies will receive 20 percent corporate income tax rebate capped at S$10,000" in the financial year 2011/12.   " For the services sector, we will tighten the levy tiers such that the average levy goes up by a further S$180 by July 2013 on top of the earlier announced increase of about S$100."   " For the construction sector, average levy rates will go by a further S$200 over the same period on top of the earlier announced increase of about S$130."     INDIVIDUAL TAXES AND BENEFITS   " The budget will provide a package of benefits for Singaporeans adding up to S$6.6 billion - part of which to be received this year, and the rest being set aside for the future."   " I will reduce taxes significantly for middle- and upper middle-income taxpayers, by introducing a more progressive personal income tax schedule. Marginal tax rates will be reduced for the first S$120,000 of chargeable income."   " These personal tax income tax changes will take effect from YA2012. They will cost the government about S$590 million per year."     For more headlines as the speech is being delivered, see (Reporting by Singapore bureau Editing by Kim Coghill) |
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francisd
Veteran |
18-Feb-2011 17:27
Yells: "BUY LOW SELL HIGH" |
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Heard that the TV & Radio lience fee will be abolished.  At last, it is done, there was a sigh of relief from the house, as soon as he had announced. Cheers. |
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krisluke
Supreme |
18-Feb-2011 17:24
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botak head  " kim kim" . got show in tv meh? what channel is this?
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niuyear
Supreme |
18-Feb-2011 17:23
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Is it the same as last time - Private property dwellers dont get to enjoy most of the benefits.    WTF. This is truly unfair system. Should distribute according to  'AGE group',   not 'CLASS', those who are rich and dont require the money, could consider donating the money. 
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bsiong
Supreme |
18-Feb-2011 17:20
Yells: "The Greatest Wealth is Health" |
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Singapore will cut personal income taxes from the year of assessment 2012, costing the government $590 million a year, and will continue to review the top rate, Finance Minister Tharman Shanmugaratnam said in his budget speech today.  While the top personal tax rate is higher than in Hong Kong, “there is no pressing competitive need for us to reduce it at this point,” he said. The government will also provide a personal income tax rebate of 20% for the year 2011, he said, adding that the move will cost the government $580 million. |
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knightrider
Elite |
18-Feb-2011 17:16
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Nothing concern us ! I am interested in which share counter will move up or down to short it to make more $$$. Turn on TV, just hear some levy increase, but I concentrate on his bald head, wow, power, polished until " kim kim" can reflect who sit on the upper deck of the sitting in parliament.  |
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bsiong
Supreme |
18-Feb-2011 17:11
Yells: "The Greatest Wealth is Health" |
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Singapore expects a small overall budget deficit of $300 million, or 0.1% of gross domestic product, for the financial year ending March 2011, Finance Minister Tharman Shanmugaratnam said on Friday. Tharman last year projected the government would report a basic deficit of $7.2 billion, equivalent to about 2.6% of the city-state's gross domestic product, and an overall budget deficit of $3 billion. |
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bsiong
Supreme |
18-Feb-2011 17:09
Yells: "The Greatest Wealth is Health" |
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Singapore will raise the levies on foreign workers as the country seeks to manage its reliance on foreign labor, Finance Minister Tharman Shanmugaratnam said in his budget speech today. “The local labor market is at virtually full employment levels,” he said. “If we do not take further steps now to raise the Foreign Worker Levy, it will be difficult for us to prevent the proportion of foreign workers from rising over time, and exceeding our long-term target of one-third of the workforce.” |
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bsiong
Supreme |
18-Feb-2011 17:07
Yells: "The Greatest Wealth is Health" |
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Singapore will boost trade and project financing as it seeks to grow globally competitive enterprises, Finance Minister Tharman Shanmugaratnam said in his budget speech today. The government is working with Temasek Holdings Pte. to develop project financing, he said. The city-state is also in advanced talks with multilateral agencies to partner in offering political risk insurance for infrastructure projects, the minister said. |
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bsiong
Supreme |
18-Feb-2011 17:06
Yells: "The Greatest Wealth is Health" |
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Singapore will hand out $6.6 billion in a package of benefits for its citizens, Finance Minister Tharman Shanmugaratnam said in his budget speech today. The government will provide a $3.2 billion so-called Grow and Share plan for households this year and set aside another $3.4 billion for longer-term social investments to enhance Singaporeans’ “well-being,” he said.   |
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krisluke
Supreme |
18-Feb-2011 17:03
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Singapore FY 2010 Budget Close To Balance: FinMin(RTTNews) - Singapore's budget deficit is now expected to be close to a balanced position in the financial year 2010, Finance Minister Tharman Shanmugaratnam said in his budget speech in Parliament on Friday. Given the much improved economic performance, the deficit is seen at S$0.3 billion or 0.1% of GDP in FY 2010. The government had originally estimated an overall budget deficit of S$3 billion or about 1% of GDP. Tharman said the government is taking major steps in this year's Budget to strengthen the economy and society for the future. The finance minister said the government will allow businesses to deduct from their taxable income 400% of their expenditures in the six broad categories of investment, for example, training or investment in automation equipment. This is up from the 250% tax deduction introduced last year. The government today raised the average levy per foreign worker for the manufacturing sector by S$60 by July 2013 over and above the earlier announced increase of around S$100. For the services sector, the government tightened the levy tiers and raised levies per foreign worker such that the average levy goes up by a further S$180 by July 2013 on top of the earlier announced increase of about S$100. For comments and feedback: contact editorial@rttnews.com |
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krisluke
Supreme |
18-Feb-2011 16:38
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sigh, all temasek invest company slowly slowly off steam today... | ||||
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noonelikeme
Senior |
18-Feb-2011 16:24
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the more he talk .. the lower SGX is ... |
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DnApeh
Master |
18-Feb-2011 16:22
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WTF... take home less    :( | ||||
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WeiQiQi
Member |
18-Feb-2011 16:12
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Increase Employer Contribution rate by 0.5%. That restores total contribution to 36%. 0.5%... ok lah... better than nothing, right?     CPF Salary Ceiling increase from $4500 to $5000. |
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