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  • the Cuvee 19 outbreak is a stark reminder off the continue importance off maintaining a sound fiscal footing to do with surprises and unexpected scenarios.

  • In particular, we are able to mount a decisive response to support Singaporeans and workers through uncertain times.

  • Only because of good long term planning announced in 2018 that we plan to raise the G s T by 2% points to 9% sometime from 2021 to 2025.

  • This is to raise recurrent revenues to meet our recurrent spending, particularly for health care.

  • After reviewing our revenue and expenditure projections and considering the current state of the economy, I decided that the G s T increase will not take effect in 2021.

  • Now, though it's the G S T rates will remain at 7% in 2021 however, will not be able to put off the increase indefinitely.

  • In fact, this outbreak has reinforced importance of continue investments in our health care system, including the capability to deal with outbreaks.

  • I will still require reclines sources of revenue to fund our recurrent spending needs in the medium term.

  • First the Giusti increase most, you be needed by 2025 we'll assess carefully the appropriate time for the increase.

  • But rest of shit will provide Singaporeans sufficient lead time.

  • I want to show everyone that when we raised the GS t reet, we were insured it out.

  • Texas and transfer system remains progressive.

  • Were continued as up g s t on publicly subsidized health care and education and just as we have done in the past, will provide an assurance package.

  • When the G s T rate is reason, this will be a $6 billion package for Singaporeans.

  • The cushion the increase as we transition to the higher GS tear it G s t is paid by all in Singapore, including foreigners working and is sitting here.

  • But assurance package row benefit Singaporeans.

  • The majority of Singapore in households will receive offsets to cover at least five years worth off as additional GSD expenses in court.

  • So the majority of Singapore in households receive offsets to cover at least five years worth off additional GS T expenses incurred Lower income households will receive much more.

  • Those living in 123 room HDB Fleiss well received offsets equivalent to about 10 yearsworth off additional GSD expenses incurred under the assurance package for G S T.

  • Every adopting a parting will receive a cash payout or $700 to $1600 over five years.

  • To illustrate a family of four with a combined income or $6000 living in a four room HTV flats can receive about $7000 in offsets over five years.

  • In total, this includes cash off about $4000 over and above the transition of support.

  • We already have a permanent JST voucher or G S T V scheme a difference JST for lower the meter.

  • Encompassing importance when the G S t is racist, I would enhance the permanent GSD voucher scheme.

  • I'll maintain the government's public commitments toe fully offset the G S t for the lower half off.

  • Retiree households significantly offset the G S T for the upper half off retiree households and offset about half of the G S t for lower income households with no elderly persons.

  • This is the government's we off ensuring our system off Texas and transfers remains progressive and support Singaporeans through the change.

  • What and they bring us to fund our future needs in a sustainable way.

  • No is waiting to meet this commitment.

  • I was said the sight $6 billion for the assurance package in the Geo TV fund in this year's budget.

the Cuvee 19 outbreak is a stark reminder off the continue importance off maintaining a sound fiscal footing to do with surprises and unexpected scenarios.

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