The Singapore government pulls up the highest marginal buyer’s stamp duty ratio on residential developments, originally from 3 percent to a step higher which is 4 percent, revealed by Heng Swee Keat, a Finance Minister.
The newly passed top level marginal scale of 4 percent is applicable to residential property areas which cost only up to S$1 million. The 4 percent stamp will take effect on the residential properties purchased after February 20 and onwards.
The program defines the effectiveness and efficiency of the tax system of Singapore, shared Mr Heng.
It does not end in there, Finance Minister Heng Swee Keat broadcasted the “SG Bonus” which will benefit those individuals over 20, this is a way of the national treasury’s sharing annual surplus.
In his speech in Parliament last Monday, he stressed that all Singaporeans who are at age 21 and up is a legitimate recipient of “hongbao” in S$100, S$200 or S$300, depending on its yearly income.
The Singaporean government spares like $700 million for the SG Bonus alone, and this simply manifested the governments’ sincere commitment which is to give back the revenue of Singapore’s progress with Singaporeans.
Despite the huge grants that government are giving to the Singaporeans, the Singapore’ economy remains unshaken because Singapore’s budget for 2018 appeared “well -calibrated” proven in the raise wages and productivity revealed by the strategist and economic chair of Mizuho Bank, Vishu Varathan.
He further added, the government had stretched out the WCS or Wage Credit Scheme, in spite of the recovery for the previous 10 years due to insufficient wages over lower component have “stagnated for a decade” which resulted to inequality.
The WCS will be implemented for another three years, which means this will function until 2020, but expect this to be in gradual lower levels of grants from the government, stated during the Budget Speech of Finance Minister, Heng Swee Keat, Monday, February 20.