Details of 2016 GST Vouchers Benefits To Be Sent Out by 1 Jul 2016

GST Voucher Featured

The Ministry of Finance has announced in a press release that 1.54 million Singaporeans will receive a letter by 1 July 2016 with details on the 2016 GST Voucher Benefits (GSTV) as well as information on other Budget benefits such as Service and Conservancy Charges (S&CC) rebates, U-Save and Medisave Top-ups.

1. GST Voucher – Cash Payment

About 1.3 million eligible Singaporeans will receive up to $300 in GSTV – Cash. In addition, as announced at Budget 2016, a one-off GSTV – Cash Special Payment of up to $200 will be provided to support households amid current economic conditions.

This means that eligible GSTV recipients will receive up to $500 in cash in 2016, which will be disbursed in two payments in August 2016 and November 2016.

2. Medisave Top-ups

About 425,000 Singaporeans aged 65 years and above will receive the GSTV – Medisave of up to $450 in August 2016. In addition, Singaporeans born on or before 31 December 1959 (57 years and above in 2016) and do not receive Pioneer Generation (PG) benefits will receive a Medisave top-up of up to $200 each year till 2018. The top-up for this year will also be made in August 2016.
In total:

  • A non-Pioneer aged 65 in 2016 and who is living in an HDB flat (and does not own a second property) can receive $450 of Medisave top-ups this year.

Pioneers would also be receiving their PG Medisave top-ups of $200 to $800 in July 2016. Taking both the PG Medisave and GSTV – Medisave together:

  • A Pioneer aged 70 in 2016 who is living in an HDB flat (and does not own a second property) will receive $450 of Medisave top-ups;
  • A Pioneer aged 85 in 2016 who is living in an HDB flat (and does not own a second property) will receive $1,250 of Medisave top-ups.

You can also refer to the infographic by MOF below:

GST Voucher and other Budgets MOF

More information on Assessable Income and Annual Value of Home:

To find out how much you are eligible for, you can log on to https://www.gstvoucher.gov.sg with your SingPass.

You will then see something like this:

GST Voucher Eligibility

* Remember to update your payment mode.

Details on the GSTV can be found at www.gstvoucher.gov.sg, and information on the other Budget benefits can be found at www.singaporebudget.gov.sg. If you require more information, the contact details are as follows:

gstv

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Prominent Shifts In Singapore’s Budget 2016

The Budget 2016 signifies a new era – an era that is governed by a new decade (following SG50), new government (following 2015’s general election), and a new Finance Minister. Despite this, most of the expert panel at the discussion held by The Straits Times last March 26 agreed that the strategies taken by Finance Minister Heng Swee Keat was evolutionary.

Although he stayed on the path of restructuring for long-term growth and building social cohesion, as laid down over the past years, he had three main shifts in his approach. These shifts were namely: more financial help for companies, working closely with the people, and more funds for innovation.

MORE FINANCIAL HELP FOR COMPANIES

One of the most noticeable changes is seen in the government’s approach towards firms. With the S$4.5 billion Industry Transformation Package, Budget 2016 extends its financial help to companies with open arms. This promotes greater entrepreneurial spirit.

Another policy called the “Automation Support Package”, which will cost more than S$400 million over 3 years, is aimed at helping the companies to upgrade the utilization of automation in their operations. It will subsidize up to 50% or S$1 million of a project in order to help companies to expand the use of machines and progress more – even internationally.

WORKING CLOSELY WITH THE PEOPLE

In facing the challenges of tomorrow, Finance Minister Heng Swee Keat is positioning the government as more of a partner than a leader.

As the Budget is given to the trade associations, companies, and unions, the solution is in their hands. Regardless of which industry you belong to, the government is going to help the firm (of a certain size) to grow!

 

Image Credits: pixabay.com (CC0 Public Domain)

Image Credits: pixabay.com (CC0 Public Domain)

MORE FUNDS FOR INNOVATION

The last change is seen on Mr. Heng’s approach to focus more on innovation than productivity. In his speech, he highlights that innovation does not require high-tech software or robots. Instead, innovation is in the application of existing technologies in creative and lateral ways.

Supporting this approach is the upcoming S$100 million National Trade Platform. It will allow service providers to develop applications or value-added services on top of the platform. This is similar to an open-source environment. With this new scheme, an uncharted venture awaits!

Sources: 1 & 2

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