Last February 20, Finance Minister Heng Swee Keat gave a speech revolving around the budget concerns in Singapore for the current year. This post will talk about the things you need to know about Singapore Budget this 2017 and how you can cut your expenses.
1. Water tariff shooting up by 30 percent
This year expect that you need to pay more for water. It has been forecasted that the increase will be divided into two phases. The first increase shall happen on July of this year and the next will be on July 1, 2018.
The reason for this is that the water supply coming from Johor and other local reservoirs seem to be inconsistent; hence, Singapore needs to rely on more consistent sources yet costlier such as water that underwent desalination process and Newater.
In order to manage expenses on water, you must go back to the basic of proper water conservation techniques such as turning off the faucet when not in use and the like.
2. Increase taxes on emissions
The Singaporean government is looking forward to increasing taxes that can start this year. The increase on taxes would be used as funds to propel measures to be done by a number of industries that could help reduce emissions.
Even diesel would have an increase on the taxes imposed. To manage expenses for 2017, it is encourage that you reduce your diesel consumption. It will not only help the environment and your pocket, but it will also help your body, especially if you choose walking when going to places.
3. Apply for a CPF Housing grant and Proximity Housing Grant
It was stated that first-time applicants who are into buying resale flats can have a subsidy from $10,000 to $20, 000. If you’re a married couple and you are looking forward to manage expenses this year, you can try this option. The good news is that couples can receive a total of $110,000 as subsidies.
4. Less income tax imposed on workers
The government has decided on lowering the personal income tax of workers. All workers can expect a rebate of 20 percent. Now, there is a sure way to manage expenses for the whole year due to this move coming from the government.
5. Government to raise wage and training support
There is a new program that the government would introduce where workers can get training or internships in various companies. At the same time, the government will raise the wage and give training support to these employees covered by the Career Support Programme, Work Trial Programme and the Professional Conversion Programme.
The current year calls for the need to value money and to use funds wisely. The above mention tips can be consider in order to cut down your expenses this year.
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