Minister for Finance, Mr Tharman Shanmugaratnam, will deliver the Singapore Budget 2010 Speech in Parliament on 22 February 2010 at 3.30pm (GMT+8).
Singapore Budget 2010 Highlights
- S$20.5 billion “resilience” package to try to save jobs,
boost businesses. Package includes:
- S$5.1 billion on training and other measures to save
- S$5.8 billion to stimulate bank lending.
- S$2.6 billion in grants and tax incentives to help firms
- S$2.6 billion to support families
- S$4.4 billion on infrastructure, education and health.
- 2009/2010 budget deficit to be 6 pct of GDP, before accounting for transfers.
- largest deficit to date.
- will fund S$4.9 billion of stimulus package by tapping government reserves.
- budget deficit for 2008/09 will be S$2.2 billion, or 0.8% of GDP.
- Overall budget deficit for 2009/10 will be S$8.7 billion, or 3.5 percent of GDP.
- cuts corporate income tax to 17 percent from 18 percent from Year of Assessment 2010, which will cost government S$400-S$500 million a year.
- one-time 20 percent rebate on personal income tax for Year of Assessment 2009.
- rules out cuts in employers’ contributions to Central Provident Fund.
- to create 18,000 public sector jobs over the next two years.
- to share risks for banks’ trade financing
- provide 40 percent property tax rebate for industrial and commercial properties for 2009 at cost of about S$800 million.
- government agencies JTC, HDB and SLA will provide 15 percent rental rebate to tenants.
- to defer property tax on land approved for development
- to improve cashflow of firms that want to defer projects.
- 30 percent rebate on road tax for goods vehicles, buses and taxis for one year.
- to provide support to banks to ensure S$11 billion worth of loans are available to companies this year.
- S$1 billion over next five years on sustainable development initiatives.
- grant for first-time home buyers raised to S$50,000 from S$40,000.
- tax deduction for charitable contributions raised to 250 percent from 200 percent.
Singapore Budget 2010 Webcast
The Singapore Budget Speech for the Financial Year 2010 will be delivered via live webcast on 22 February 2010, 3.30pm (GMT+8), in addition to the simultaneous live telecast over Channel NewsAsia (with Chinese translation on dual sound mode) and over radio on 938LIVE.
Please visit this page on Budget Day, 22 February 2010, 3.30pm (GMT+8) to watch the delivery of the Budget Speech through live webcast.
The text of the Budget Speech will be uploaded onto sgcGO website progressively as it is delivered.