Budget 2024: S$1.9B Household Support, Property Tax Adjustments

16 Feb, 2024

Budget 2024: S$1.9B Household Support, Property Tax Adjustments

Delivered by Finance Minister Lawrence Wong on Friday (Feb 16), Budget 2024 took decisive action to address immediate concerns regarding the cost of living for both households and businesses. Moreover, it outlined comprehensive strategies aimed at enhancing economic competitiveness, fostering support for young families, and ensuring the relevance of the workforce. Wong, who also holds the position of deputy prime minister, presented nine pivotal announcements during the budget unveiling.

With a focus on alleviating financial burdens on households, Budget 2024 earmarked a substantial S$1.9 billion for cost-of-living support. This includes augmentations to the GST Assurance Package, incorporating additional benefits such as increased Community Development Council vouchers, means-tested cash payments, and enhanced rebates on U-Save and Service and Conservancy Charges.

Furthermore, a dedicated allocation of S$1.3 billion was directed towards assisting businesses grappling with escalating costs. The newly introduced Enterprise Support Package encompasses measures like a 50% corporate income tax rebate, with specific provisions for non-profitable companies. Additionally, initiatives such as refundable investment credits and a revamped SkillsFuture program aim to bolster workforce capabilities and attract high-quality investments. The budget also includes adjustments to housing support and property tax policies, reflecting the government's commitment to promoting economic resilience and social well-being