Screenshot of Heng Swee Keat from Youtube

Delivering his Budget speech for 2017 today (Feb 20), Finance Minister Heng Swee Keat announced a S$385 million gift for the rich. Tax residents, including foreigners, will be be given a 20% tax rebate up a cap of S$500 by the government.

In addition to this tax rebate for the rich, an additional 50% Corporate Income Tax (CIT) rebate capped at $20,000 per Year of Assessment (YA) for YA 2016 and YA 2017 will be given.

The Budget Speech is still ongoing as of press time, follow States Times Review for more update.

You may view the Budget speech here: