DPM Tharman has just outlined the Singapore Budget 2015 in parliament today.
The following are the 5 most significant announcements that we think our Salary.sg readers are most interested in:
- 50% tax rebate – For YA2015, all individual taxpayers will enjoy a one-off tax rebate of 50%, up to a maximum rebate of $1,000. Start date: 2015 tax filing season.
- CPF income ceiling raised – The income ceiling for CPF contributions will be raised to $6k from the current $5k. Start date: 2016.
- Road tax rebate – Vehicle owners will enjoy a road tax rebate of 20% for cars, 60% for motorcycles and 100% for the small number of commercial vehicles using petrol. Effective period: 1 August 2015 to 31 July 2016. (However, petrol duties will go up by $0.20/litre for petrol of grade RON97 and above, and $0.15/litre for petrol below the RON97 grade.)
- Maid levy reduced – The current concessionary rate of $120/month will be cut further to a mere $60. Start date: May 2015.
- CDA, Edusave & PSEA top-ups – For younger Singaporeans, their Child Development Accounts (CDA), Edusave accounts and Post-Secondary Education Accounts (PSEA) will topped up. Start date: 2015. See this PDF for details.
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