Most Singaporeans will continue to receive the same amount of money from the GST Offset Package, despite an increase in the value of their homes.
The Ministry of Finance (MOF) and the Inland Revenue Authority of Singapore (IRAS) has announced that the annual value will be raised for most properties, including all HDB flats from 1 January 2008. But Singaporeans will continue to receive the same amount of GST Credits and Senior Citizens' Bonus (SCB) if they do not move homes.
The amount of GST Credits and Senior Citizens' Bonus they get is based on the annual value of their homes and their assessable incomes in the previous year.
Those who shift home will have their 2009 GST Credits and SCB determined based on the annual value of their NRIC address as of 31 December 2008.
The GST Credits and SCB are given out over four years from 2007 to 2010.
This is part of the GST Offset Package to help Singaporeans cope with the 2 percent increase in GST that took effect on 1 July 2007.
The annual value cut-offs for the two schemes have been adjusted to take into account the 2008 revision in annual value of HDB flats.
This is to maintain the distribution of benefits that was intended when the GST Offset Package was announced earlier this year.
The lower annual value cut-off will be raised from $5,000 to $6,000 and this would cover all 1- to 3-room HDB flats.
The higher annual value cut-off will be raised from $10,000 to $11,000 and this would cover all 4-room, 5-room and Executive HDB flats, and some private properties.
The new annual value cut-offs will also apply to Singaporeans who are receiving their GST Credits for the first time in 2009, such as new citizens and those turning 21. - CNA/de
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