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The Jubilee Budget is timely as it adds to the festive joy but more importantly, responds comprehensively to the socio-economic needs of an ever-changing Singapore. This year’s Budget focuses on investing in skills for the future; restructuring our economy by promoting innovation and internationalisation; investing in economic and social infrastructure; strengthening employees’ assurance in retirement; and enhancing support for middle-income families.
This Budget includes raising of the CPF salary ceiling, a reduction in the foreign domestic maid levy, added support for families with children, and career support through a new SkillsFuture scheme.
Businesses, especially SMEs, will embrace the temporary deferral of the foreign labour levy, extension of the wage credit scheme and corporate income tax rebate for 2 more years, as well as the extension of the M&A scheme until 2020.
The Government’s move to tax the high-income earners more while giving a 50% tax rebate (capped at S$1,000) is to be welcomed by the middle-income earners.
As we cheer and celebrate, the Budget also encourages our spirit of giving back to the community with tax deductions for donations this year have been increased to 300% and the 250% tax deduction for donations extends till end of 2018.