Singapore Budget 2009

Today, the Singapore Budget 2009 was revealed in Parliament at 3.30pm today.

Especially with the erratic and volatile economic situation, everyone is definitely quite apprehensive about this budget and what it can do to help every Singaporean.

I'll do the honor to give you the summary:

Individuals
- Doubling of GST credits, where instead of the July pay out, there's an additional payout on 1st March 2009.
- Rebate of 20% on personal income tax capped at $2,000.
- For those who were retrenched and yet need to pay taxes, they can have up to 24 months instalments to pay it off.
- Rebates of utilities for households ranging from 1 month to 4.5 months.

Employees
- Job Credit Schemes for companies to get cash grants (12% of the first $2,500 for each employee) to retain employees.
- Helping the older employees with the Workfare Income Supplement Scheme (WIS).
- Enhancement of SPUR program to retrain employees.

Companies
- Helping companies to get cash refunds on what was previously paid (applicable for 2009 -2010)
- Corporate income tax reduced from 18% to 17% in 2010.
- Foreign income earned before 22 Jan will be exempted from tax for this year

Though we are in the midst of the "Worst economic slowdown" right now, but aren't you glad that we have a very good government? =)