Self-employed persons and freelancers were particularly hard-hit by the COVID-19 crisis, which includes among their ranks taxi driver, hawkers, freelance creatives, property agents and tuition teachers. Learn together with like-minded Singaporeans at the Personal Finance Discussion SG Facebook Group by discussing a range of personal finance topics.

It’s Sunday morning in Singapore.

And, uh, you guessed it – the Unity Budget is meant to  avert financial issues faced by Singaporeans   due to Covid-19.

In light of the imminent GST increase, Mr Heng announced an enhancement of the current permanent GST voucher scheme. March 2019 December 2019 For the latest updates on the coronavirus, visit here. flexibility in loan and insurance premium payments, What You Need To Know About MAS’ Newly-Announced Bank Loan And Insurance Premium Payment Deferments, Personal Finance Discussion SG Facebook Group, 5 Reasons Why Singapore’s Property Market Is Heading For A Bull Run, Why DBS Multiplier 4.0 Is Now The Perfect (High-Interest) Savings Account For Students, NSFs & Retirees, Pros And Cons Of Taking Up A Higher Paying Temporary Job Vs. A Lower Paying Full-Time Job, Here’s Why You Should Top Up Your Parents’ CPF Retirement Account Instead Of Giving Parents’ Allowance, Should You Make Lump Sum Top-Ups Or Regular Contributions For The CPF Retirement Sum Topping-Up Scheme, 5 Factors To Consider When Choosing A SIM-Only Mobile Plan During Work-From-Home, November 2020 HDB BTO Sales Launch: Location Guide – Sembawang, Tengah, Bishan, Tampines, Toa Payoh (Bidadari). Here are the measures that will put more cash directly in the hands of Singapore households to help them amidst a time of extraordinary challenge. Source: Singapore Budget. For those who are receiving Workfare in 2019, Budget 2020 provides for a Workfare Special Payment of $3,000, paid over two equal payments in July and October 2020. In Budget 2018, Finance Minister Heng Swee Keat announced plans to increase the GST rate to 9 per cent by 2025, and since then, we've waited with bated breath…. Did You Know? In total, each Singaporean household will be receiving between $480 to $1,000 worth of GST Voucher – U-Save rebates, which will be credited in April 2020, July 2020, October 2020 and January 2021. ​And with the largest budget deficit in ten years of S$10.9B, it can be said that this was what it sought out to do. March 2017 About Budget. October 2019 Vouchers for 2020 will be given out in October and December 2020, with more details being announced at a later date.

February 2019 This comes after 2018's vague announcement that GST will be increased by 2 percentage points to 9 per cent "sometime from 2021 to 2025". Budget Features. September 2017 Budget Media Articles.

August 2018 You can read more about the eligibility criteria at DollarsAndSense Business, which produces content specifically for entrepreneurs, freelancers and self-employed persons, aimed at helping them build better businesses.

Perhaps one of the most anticipated announcements of Budget 2020 was that of the Goods and Services Tax (GST) in Singapore. After expansion of criteria, some 100,000 self-employed persons will automatically be eligible for SIRS, and will receive 3 payments of $3,000 in May 2020, July 2020, and October 2020. To help families with children and elderly, Mr Heng also shared that Singaporeans with at least 1 Singaporean child (under 20 years old in 2020) will get an extra $300 cash payout on top of everything else announced. Applications for the grant can be made at the nearest Social Service Office between May 2020 and September 2020, with successful applicants receiving $800 in cash over 3 months. Dubbed the Solidarity Budget, these additional measures will cost $5.1 billion, and expands on measures already introduced in the Unity Budget ($6.4 billion) and Resilience Budget ($48.4 billion). Additional amounts from GST Voucher – U-Save Special Payment will credited in April and July 2020, while larger households will receive their additional rebates in October 2020 and … The “Budgets of 2020” booklet summarises the key measures introduced in the 2020 Budgets. This article was first published in MoneySmart. July 2016 It complements the Unity Budget presented on 18 February, and addresses the rapidly evolving COVID-19 situation and the impact on Singapore’s economy and society. Singapore's "Unity" Budget 2020 19/2/2020 0 Comments On the back of an economic slow-down made worse by the Covid-19 virus epidemic, this year's budget was highly expected to give a significant boost to the ailing Singapore economy. July 2019