An income tax rebate of 20% for Singaporeans, Growth Dividends of between $400 and 100 for all Singapores and the end to Estate Duty, were among the personal perks for Singaporeans in the 2008 Budget outlined by the Finance Minister on Friday 15 February.Mr Tharman Shanmugaratnam also revealed in the 2008 Singapore Budget, special bonuses for those who sign-up for CPF Life and perks for topping up the CPF Minimum Sum. While sharing with Singaporeans the fruits of a budget surplus of S$6.4b, the Finance Minister also drew up plans to take Singapore Inc on a renewed path.
Those in research get a shot in the arm with tax deductions for R&D upped to 150% and incentives for SMEs who invest in innovation and companies going into high-tech start-ups.
To promote new financial activities, a 5% concessionary tax rate for income derived from qualifying Shariah-compliant activities has been introduced along with a tax exemption on income on Islamic bonds.
Also unveiled, tax incentive schemes aimed at family-owned investment holding companies and licensed insurance and reinsurance brokers.
Many had hoped for a "generous" or "Bonus" budget. But to the Finance Minister, his policy was more of "an investment in a total upgrade of Singapore's business,transport and IT infrastructure".
While it would enable new growth, he said the measures would also serve as an "enabler" and will help Singapore build up a resilient community with a hand for lower-income workers and enough savings for healthcare and old age in the future.
Hong Baos for everyone ya? =)
Article from: http://www.channelnewsasia.com/sgbudget08/
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