Photo of Heng Swee Keat from Straits Times

In preparation for a 6.9 million population, Budget 2017 is a slew of tax increases and redistributing taxes to private companies. Below is a quick summary of the Budget:

1) The rich will be given S$500, including foreigners. Poor Singaporaens are not eligible.
2) S$50,000 CPF housing grant for resale flats 4-room or smaller (up from current S$30,000)
3) S$40,000 CPF housing grant for resale flats 5-room or bigger (up from current S$30,000)
4) Prices of water to increase 30% to build more water infrastructure in preparation for 6.9 million population
5) One-off S$120 GST voucher to offset increase in water bill, that can last for 10 months as average increase is S$12 a month
6) Taxes for more expensive motorcycles, Additional Registration Fee, will increase up to 100% of Open Market Value
7) S$26 million a year to be given to companies to pay for apprenticeships and attachments
8) Marine and Process sector to see increase in Foreign Workers’ Levies from 2018 onwards
9) Construction sector to see up to S$150 per month increase for each worker from 1 July 2017 onwards
10) S$700 million to be spent on infrastructure in preparation for 6.9 million
11) S$600 million to be given to companies to help them “internationalize”
12) New Carbon Tax from 2019, to be paid through power bills as this tax is only for power stations
13) S$1.9 billion Budget surplus reported, to be stashed away in national reserves and used by Temasek Holdings and GIC