Budget 2023: Singaporeans to get higher cash payouts under Assurance Package, GST Voucher scheme

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Budget 2023: Singaporeans to get higher cash payouts under Assurance Package, GST Voucher scheme
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Budget2023: Singaporeans to get higher cash payouts under Assurance Package, GST Voucher scheme Budget2023

SINGAPORE: Singaporeans will get higher cash payouts under the Goods and Services Tax Voucher scheme and the Assurance Package, Deputy Prime Minister Lawrence Wong announced in his Budget 2023 speech on Tuesday .

For those living in a property with an annual value above S$13,000 and up to S$21,000, the cash payout will rise from S$250 to S$350 this year, and then to S$450 from 2024. "Under our GST system - which means the GST and the 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.

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