Singaporeans will get more help to cope with inflation and cushion the impact of the higher goods and services tax (GST) rate. The amount to be given out under the GST Voucher scheme - which helps to permanently defray GST expenses for lower to middle income Singaporeans -...
The Assurance Package - to offset at least five years of additional GST expenses for most households, and about 10 years’ worth for lower-income households - will benefit about 2.9 million adult Singaporeans.
- A Cost-of-Living special payment of between $200 and $400 for each eligible adult Singaporean aged 21 years old and above in 2023. This will benefit about 2.5 million adult Singaporeans. - Each child aged six and below will get a top-up of $400 to his or her child development account. Older children will receive a $300 top-up to their Edusave or post-secondary education accounts.
Under the GST system - which is the GST and GSTV combined - the more well-off consumers, as well as foreigners and tourists, will bear higher effective GST rates than lower-income Singaporeans, he said. This ensures that those with greater means contribute their fair share of taxes, and will effectively lower the burden of taxes on lower and middle income Singaporeans.
DPM Wong said that the updates to the AP reflect the government’s commitment to help Singaporeans through the challenging period of higher prices. Countries are now relooking and adjusting their supply chains, he added. Instead of buying from the cheapest, they are prepared to accept lower efficiency and higher costs to prioritise diversification and strategic resilience. These trends are pushing up inflation everywhere and in Singapore.
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