17 Feb '12, 9am

Budget: Tax relief, housing bonus for older S'poreans #Singapore

Budget: Tax relief, housing bonus for older S'poreans #Singapore

SINGAPORE: Older taxpayers will soon get more income tax relief. Announcing this on Friday in Parliament during the Budget speech, Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam said the government will double the earned income relief for those aged 55 and above. Mr Tharman explained this is so that older workers can retain more of their income from work. Those aged 55 to 59 years old will now enjoy S$6,000 in earned income relief per annum, while those aged 60 and above will enjoy S$8,000. 119,000 older Singaporeans will benefit from this change. The increased relief will cost the government S$30 million per annum, and will be effective from year of assessment 2013. The government will also introduce a new Silver Housing Bonus to incentivise elderly Singaporeans to unlock the value of their HDB flats. This is in the form of a subsidy, part of which ...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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