Here’s the annual Singapore Budget delivered by Finance Minister Heng Swee Keat on 18 February 2019. Mr Heng unveiled strategic plans set to foster a strong, united Singapore.
Altogether, these five distinct pillars are the main focus to create a better future together:
- A Safe and Secure Home for All
- A Vibrant and Innovative Economy
- A Caring and Inclusive Society
- A Global City and Home for All
- A Fiscally Sustainable Future
Hence, here’s a summary of Mr Heng’s budget statement review in an easy-to-follow infographic. Save and share it with your friends!
A Safe and Secure Home for All
Singapore is investing 30% of total spending for defence, security and diplomacy efforts. This is in light to overcome crises as a strong and resilient nation. All in all, this safeguards us from an uncertain geopolitical environment. On top of that, this protects the sovereignty of Singapore and the well-being of Singaporeans. It is estimated that defence spending will hit S$15.5 billion this year.
A Vibrant and Innovative Economy
Ultimately, building deep enterprise capabilities is key to ensure the competency of firms and employees. Such programmes include Scale-up SG, SME Co-Investment Fund III, SMEs Go Digital and many more. Moving forward, SMEs can expect grants and fundings as added support with an estimated S$100 million for SME co-investments. The budget allocated is on top of the past national efforts that have since borne fruit.
A Caring and Inclusive Society
Simultaneously, Mr Heng is placing more emphasis on the less advantaged Singaporeans at all stages and walks of life. Singaporeans between 50 to 64 and in the lower-income bracket will benefit the most. This includes the bonus in the form of Edusave top-ups, GST Vouchers, tax rebates, and CPF top-ups. S$1.1 billion bicentennial bonus will benefit more than 1.4 million Singaporeans. On top of that, S$5.1 billion is put into a Long-Term Care Support Fund.
A Global City and Home for All
A sustainable environment is necessary to prepare for climate change like global warming. Diesel exhaust is highly pollutive and imposes an adverse effect on one’s health and quality of life. Hence, it is with immediate effect that diesel excise duty will double from $0.10 per litre to $0.20 per litre.
A Fiscally Sustainable Future
In addition, duty-free alcohol allowance is reduced from 3 litres to 2 litres to maintain the resiliency of Singapore’s tax system amidst rising international travel.