5 ways it Budget 2018 can affect your housing game plan

5 ways it Budget 2018 can affect your housing game plan

The Independent·2018-02-21 19:25

The Budget 2018 has arrived. After months of worrying whether GST will be increasing, finance Minister Heng Swee Keat announced on Monday that the imminent GST hike to 9% will be pushed back to 2021 onwards. Apart from the delay of GST hike, our finance Minister Heng also declared a one-off Hongbao bonus for Singaporeans above age 21. Apart from the goodies and positive news, what other things should you be concerned in this year’s Budget?

For a start, you need to start preparing for more taxes. The reality is that the government’s expenditure is increasing, and the government is looking for ways to increase its revenue through other means. If the expenditure growth continues, the government cannot be relying on increasing GST every year. The government also introduced a new ecommerce tax on online services, regardless whether their company is registered in Singapore or not. Overall, bad news, bad budget 2018, and a budget that has run out of ideas considering that Singapore has for years under-reported its budget surplus by classifying government land sales as Reserves rather than revenues.

Singapore Tax housing Policy