:: Budget 2005::

damn...just a blog about cigarettes..and now, it gonna cost even more.
but it is all all bad though, couple of good stuff too...
more details here

BUDGET HIGHLIGHTS

• Singapore revises FY04 $1.3b deficit to $160m surplus
• Budget aims to create opportunity, build stronger community
• Government to press on with economic restructuring, give extra help those who are struggling
• Singapore must foster culture of opportunity, make economy more resilient: PM Lee
• Top personal income tax to be cut to 21% in YA06, then to 20% in YA07
• Income tax cuts to save taxpayers more than S$150m in YA06
• Stamp duty for transfer of properties into REITs waived, withholding tax on REIT distributions halved to 10% for 5 years
• Decision on casino most likely by mid-April, Tourism Board to invest $40m over 3 years to enhance Orchard Road
• Tax relief for SMEs to help cope with cash-flow problems in downturn
• Lower cost for SMEs doing business with Government
• Government to allow 1-yr loss carry-back for corporate tax, capped at $100,000
• Govt to top up $500m for Lifelong Learning Fund to help worker re-skilling
• Govt to finetune foreign worker policies to allow controlled inflow, firms heeding more foreign workers can hire beyond dependency ceiling
• Another 3% cut in ministry budgets, for total reduction of 5%
• No move to current year basis of assessment for income tax
• One-off $100 top-up to Edusave account of primary, secondary students
• $50-$350 Medisave top-ups for adult Singaporeans, depending on age
• $100 top-up for CPF Special accounts for 50-year-olds & above
• Liberalise co-savings portion of Baby Bonus for child's development
• Foreign maid levy cut by $50 with effect from 1 Apr 2005
• Excise duty for cigarettes to rise 20%
• Horse betting duty doubles to 25% of gross betting profits