Name: SG Budget 2020: GST rate to remain at 7% in 2021, says Heng Swee Keat
Uploaded: 2020-03-13T03:21:58.000Z
Duration: 5 min 3 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

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.

Adverbs of manner

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.

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