Budget 2023: What you need to know - from more cash payouts to higher property and car taxes

Feb 15, 2023 | 🚀 Fathership AI

Singapore's Deputy Prime Minister and Finance Minister Lawrence Wong has unveiled measures to support households, workers and businesses in the face of rising inflation. A total of $3 billion will be added to the Assurance Package, taking the total cost to $9.6 billion. Among other initiatives, the package includes new payouts in the form of a Cost-of-Living Special Payment, which will range from $200 to $400 for eligible adult Singaporeans, and additional senior bonuses of between $200 and $300.

Other measures include increased assistance for homebuyers, with additional ballot chances for those applying for a first Build-To-Order flat and higher grants for families buying four-room or smaller resale flats. Taxes on high-value property, luxury cars and tobacco will rise, with the buyer's stamp duty for residential properties and excise duty for tobacco increasing by 1% and 15%, respectively.

The CPF monthly salary ceiling will also rise, from $6,000 to $8,000, while the Baby Bonus cash gift will be increased by $3,000 for eligible Singaporean children born on or after Feb. 14, 2023. Parents can expect up to $9,000 in payouts in the first 18 months of the child’s life, and government-paid paternity leave will double to four weeks for eligible working fathers of Singaporean children born on or after Jan. 1, 2024.

Source: The Straits Times

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