1.0 Introduction
On 22 February 2010, the Minister for Finance presented the 2010 Budget Statement. A twelvemonth ago, Singapore was in the thick of the worst fiscal crisis of all time facedand the budget delivered a “ resiliency bundle ” to assist Singaporeans surge through the hard period. This twelvemonth, the crisis has mostly subsided and the latestbudget has been geared towards the long term sustainable growing of the Singaporean economic system and its people.
The chief purpose of the 2010 budget with respect to persons is to hike their productiveness, assurance, resiliency, employability and fight. The 2010 budget purposes to accomplish this by supplying supports for single growing and upgrading among other steps.
2.0 Personal Income Tax Rate and Rebates
YA 2009
Income revenue enhancement rates for Singapore revenue enhancement occupants range from 3.5 % for the first S $ 30,000 of indictable income to 20 % for indictable income transcending S $ 320,000. A one-off personal income revenue enhancement discount of 20 % ( capped at S $ 2,000 ) , was accorded to all resident taxpayers for YA 2008 and YA 2009.
Proposed alterations
No alteration in income revenue enhancement rate. Besides, the one-off personal income revenue enhancement discount of 20 % ( capped at S $ 2,000 ) will non be given in YA 2010.
Effective day of the month
YA2010
Remarks
While Singapore ‘s revenue enhancement rates are one of the lowest in the part, its top fringy income revenue enhancement rate is still 3 % higher than that of Hong Kong at 17 % ( refer to Fig 1 ) . However, due to differences in the rate of patterned advance of Singapore ‘s personal revenue enhancement rate, income revenue enhancement paid by Singaporean revenue enhancement occupants gaining between S $ 89,000 and S $ 470,000 is lower than a revenue enhancement occupant of Hong Kong ( refer to Fig 2 ) . The deduction is while some Singaporean revenue enhancement occupants may be exposed to higher revenue enhancement than in Hong Kong, Singapore ‘s income revenue enhancement rates on a whole are still every bit competitory as Hong Kong ‘s, peculiarly for professionals who would probably gain around S $ 100,000-S $ 200,000.
With the surcease of single revenue enhancement discount, the revenue enhancement load on persons will be higher ; hence persons would hold inducement to take up more work to bring forth the same degree of income for prolonging their current criterions of life. Furthermore, persons may besides take to better their fight to bring forth more income. This is in line with the authorities ‘s enterprises to increase overall productiveness of workers in Singapore.
The much awaited issue of cut downing personal income revenue enhancement rates to fit up with the current corporate income revenue enhancement rate of 17 % was left unaddressed. The 3 % difference between the 20 % top personal income revenue enhancement rate and the 17 % corporate revenue enhancement rate might promote extremely successful enterprisers to corporatize their concern instead than run it as asole proprietary or partnership.
With important outgo on transforming Singapore into a highlyproductive, advanced, and knowledge-based economic system, it may non be an appropriate clip to cut income revenue enhancement rates. However, given that rising prices of consumer monetary values continues to cut down the disbursement power of families, we feel that the Finance Minister should reconsider seting the personal income revenue enhancement rate in the close hereafter.
3.0 Tax tax write-off for angel investors
YA 2009
No revenue enhancement tax write-off for cost of equity investings by angel investors as it deemed to be capital in nature.
Proposed alterations
- Eligible angel investor has to perpetrate a minimumof S $ 100,000 of equity investings in a measure uping start up in each YA
- The sanctioned angel investor would be eligible for a revenue enhancement tax write-off of 50 % of his investings at the terminal of biennial keeping period
- Tax tax write-off is capable to a cap of S $ 500,000 of equity investings in a measure uping start up for each YA
- The inducement applies to measure uping investings in measure uping start-ups made during the effectual period
- The inducement would be administered by Spring Singapore
- More inside informations on this strategy will be released by June 2010
Effective day of the month
1 March 2010 to 31 March 2015 ( both day of the months inclusive )
Remarks
The most ambitious period for a start-up company are the early phases where uncertainness puts them at adisadvantage in procuring funding, taking to inadequate cash-flow. The 50 % revenue enhancement tax write-off for angel investors provides private persons, who possess appropriate investing and concern expertness, with inducement to supply funding to measure uping start-up companies. Furthermore, the biennial retention period demand will guarantee that angel investors take a long-run attack towards their investing and be actively involved in the nurturing of the start-up.
As investors are remunerated regardless of the result of the investing, these revenue enhancement inducements would further greater entrepreneurial spirit and hazard pickings. However, this does non intend that persons can now take inordinate hazards or invest based on guesss. In fact, the cap of S $ 500,000 revenue enhancement tax write-off per twelvemonth prompts investors to carry on careful research to understand the industry and do an informed determination so as to pick the right start-up.
While this scheme brings cheers to start-ups and single investors, its ultimate success depends on the all right prints that would be announced by Spring Singapore in July 2010. The definition of “ sanctioned angel investors ” , “ measure uping investings ” every bit good as “ measure uping start-up ” will necessitate to be known before the full impact of the strategy can be ascertained. Individual investors may non be purely better off because the 50 % revenue enhancement tax write-off would be restricted to investing income, such as involvement or dividends. If this is the instance, the revenue enhancement tax write-off may be uneffective, since most investing incomes other than some types of involvement are already to the full revenue enhancement free for persons.
4.0 Tax alleviation
The before and after places in regard of revenue enhancement alleviations are summarised below:
4.1 Addition in Parent Relief
YA2009
A revenue enhancement occupant can claim parent/handicapped parent alleviation if he/she is back uping his/her ain or his/her partner ‘s parents, grandparents or great-grandparents who must:
- Be populating in Singapore
- Be 55 old ages old or above or physically/mentally handicapped ; and
- Have netincome of less than S $ 2,000 per dependant in the twelvemonth
The parent/handicapped parent alleviation is as shown in Fig 4.
|
S $ Current rate ( Proposed rate ) |
Parent Relief |
Handicapped Parent Relief |
|
Dependent non remaining with taxpayer |
3,500 ( 4,500 ) |
6,500 ( 8,000 ) |
|
Dependent remaining with taxpayer |
5,000 ( 7,000 ) |
8,000 ( 11,000 ) |
Proposed alterations
Quantum of all classs is increased as in Fig 4.
All bing modification conditions ( as mentioned above ) for parent alleviation continue to use, except for the current income threshold of S $ 2,000 that would be increased to S $ 4,000
The income threshold status for disabled dependant is removed.
Effective day of the month
YA2010
Remarks
This proposed alteration is aligned with the current societal state of affairs of worsening birth rates and anaging population. More aged dependants are being supported by fewer kids. The overall quantum addition in parent alleviation recognises the parts of persons who look after their parents, grandparents and great-grandparents in their old age. The revenue enhancement nest eggs from the addition in alleviation could bring forth higher criterions of life among the low to lower-middle income households.
The addition in income thresholds for each dependant from S $ 2,000 to S $ 4,000 encourages the aged to work without worrying that they will transcend the income threshold.
4.2 Expansion of Wife Relief to Spouse Relief
YA2009
Male resident taxpayers may claim married woman alleviation of S $ 2,000 if he was populating with this married woman or back uping her in the old twelvemonth so long as her income does non transcend S $ 2,000 in the old twelvemonth.
Proposed alterations
The married woman alleviation would now be known as partner alleviation. It would be available to either hubby or married woman who supports their dependent partner who has one-year income non transcending S $ 4,000.
Effective day of the month
YA 2010
Remarks
The proposed alterations reflect the alterations in Singaporean society where more married adult females are working than before and are sometimes the exclusive breadwinner for the household. This extension of the married woman benefit to spouse benefitwill assist such households where the married woman is the breadwinner due to pick or possibly due to the hubby being retrenched.
This promotes a alteration in mentality that the hubby must be the exclusive breadwinner. Furthermore, it encourages a alteration of functions between partners when the hubby is unable to work or when the married woman is more capable. In add-on, where there are kids in the household, this strategy encourages the dependant partner to stay at place to look after the kids alternatively of go forthing them in the attention of the amah or grandparents, leting more household bonding with the kids during their formulative old ages. Furthermore, the addition in allowable one-year income for the dependant partner helps to relieve some of the emphasis caused by lifting monetary values and rising prices.
The addition in threshold bound from S $ 2,000 to S $ 4,000 encourages both hubby and married woman to take up more incidental occupations, assisting to increase worker productiveness and besides the resiliency of households during future economic downswings.
4.3 Enhancing Income Threshold
YA2009
Resident taxpayers may claim the undermentioned dependent-related alleviations every bit long as the dependent income is non more than S $ 2,000 in the old twelvemonth:
- Handicapped siblings alleviation
- Wife alleviation
- Handicapped partner alleviation
- Parent alleviation
- Handicapped parent alleviation
- Qualifying kid alleviation
- Working female parent ‘s kid alleviation
- CPF hard currency top up alleviation for top up to the CPF history of partner or siblings
Proposed alterations
The income threshold of S $ 2,000 will be increased to S $ 4,000. Further, for disabled dependant related alleviations, the income threshold conditions will be removed.
Effective day of the month
YA 2010 ( except for CPF hard currency top-up alleviation for top-ups to CPF history of partner or siblings, for which alterations will be effectual from YA 2011 )
Remarks
The current income threshold of S $ 2,000 has been in consequence since YA 1998. Sing the rising prices in pay rates and monetary values over the past 11 old ages, the proposed addition is really welcomed. It recognizes taxpayers ‘ attempts in back uping dependent household members and encourages reasonably able dependants to be engaged in some work to maintain an active life. Increasing the threshold will enable more persons to take incidental occupations without worrying about transcending the bound. As such, these persons can be more productive and competitory socially and separately. This besides trains their resiliency as they look into assorted avenues of bring forthing extra income.
The remotion of the income threshold for disabled dependant related alleviation is in acknowledgment of the excess clip, attempt and money needed to supply attention for the handicapped. This will besides assist promote the handicapped to seek to take a more fulfilling and active life, at the same clip lending towards household income to alleviate some of the pecuniary load.
The income threshold for the CPF top-up alleviation for top-ups to the CPF histories of partner or siblings will merely effectual from YA 2011. This allows progress planning for top-ups to be made in 2010 and at the same clip, it would non disfavor those who have already planned to top-up in 2009 based on the S $ 2,000 income threshold.
5.0 Increase in Course Fees Relief
YA 2009
A revenue enhancement occupant person may subtract up to S $ 3,500 for class fees in a twelvemonth provided:
- The class, seminar or conference is related to his/her bing trade, concern, profession or employment ( TBPE )
- Where the class, seminar or conference is non related to his/her bing trade, concern, profession or employment at the clip it was undertaken but is later relevant due to a calling alteration within prescribed periods ; or
- It leads to an sanctioned academic, professional or vocational making
Allowable class fees include:
- Registration or registration fees
- Examination fees
- Tuition fees
- Aptitude trial fees ( for computing machine classs )
Populating disbursals, text editions and traveling disbursals are non allowed.
Proposed alterations
The class fee alleviation is increased from S $ 3,500 to S $ 5,500.
Effective day of the month
YA 2011
Remarks
The addition in class fees relief encourages and supports life-long acquisition and preparation in order to keep employability among workers every bit good as to better their occupation quality. This is in line with the authorities ‘s attempt to raise productiveness by enhancingthe accomplishments and expertness in the work force.
Through changeless acquisition and accomplishments upgrading, persons can go more resilient during the economic downswing. Persons will be more productive and various as they pick up new accomplishments and larn new cognition from taking up new classs. By go toing classs, persons will hold greater chances to research different calling chances and waies, and this can assist better occupation satisfaction among Singaporeans. Last, this besides encourages single growing and stretches their potencies as they develop themselves through larning and researching of new occupation chances. This might profit for case lower income workers who may happen higher paying occupations and better the criterion of life for their households.
6.0 Withholding Tax Rates for Non-Resident Public Entertainers
YA2009
Non-resident public entertainers are taxed at 15 % .
Proposed alterations
Tax rate for non-resident public entertainers is reduced to 10 % .
Effective day of the month
Remain in consequence until 31 December 2015.
Remarks
Singapore is quickly doing a name for itself on the universe phase as an amusement hub. Lowering the revenue enhancement rate for non-resident public entertainers encourages the inflow of more public entertainers, and should supply a helpful encouragement to the amusement and touristry industries which are still in their comparative babyhood phases in Singapore. This is in line with the authorities ‘s push to do Singapore a planetary humanistic disciplines hub, and besides encourages more performing artists to execute in Singapore ‘s new and approaching Integrated Resorts.
With more public amusement, persons will hold more picks in leisure. Through frequent exposure to humanistic disciplines, persons may turn more originative and learn to appreciate the humanistic disciplines, hopefully taking to the birth of originative masterminds and new industries within Singapore. However, it is besides possible that certain public amusements may bringabout inauspicious influence to the public ; peculiarly the immature if parental counsel is absent.
7.0 Enhancement of Tax Deduction on Contributions
YA2009
All contributions to IPCs and other approved receivers ( such as sanctioned museums and prescribed schools ) qualify for dual revenue enhancement tax write-off under the ITA. These include both hard currency contributions and approved donations-in-kind such as computing machines and artefacts.
However, due to the economic downswing, the dual revenue enhancement tax write-off ( 200 % ) was increased to an enhanced revenue enhancement tax write-off rate of 250 % . This impermanent sweetening was applicable to contributions made during YA2009.
Proposed alterations
The 250 % enhanced revenue enhancement tax write-off has been extended for another twelvemonth, applicable to all approved contributions made from 1 January 2010 to 31 December 2010.
All bing regulations for a contribution to measure up for the enhanced revenue enhancement tax write-off remain the same.
Effective day of the month
YA 2010
Remarks
In position of the current economic downswing, the 250 % revenue enhancement tax write-off would move as an added inducement for givers. This helps charities and non-profit organisations attract much needed contributions during these hard times and profit the unfortunate persons for whom these IPCs provide alleviation for.
Individual givers may profit more from the revenue enhancement tax write-off on contributions than corporate givers. For a S $ 100 qualified contribution, corporate givers enjoy an effectual revenue enhancement economy of $ 42.50 ( S $ 100*17 % *250 % ) while single effectual revenue enhancement economy could make a upper limit of $ 50 ( S $ 100*20 % *250 % ) , depending on the highest fringy income revenue enhancement rate that applies to that person. On a whole, this represents a important tax-saving due to the alterations.
8.0 Extension of Green Vehicle Rebate ( GVR ) to Imported Used Green Vehicles
YA2009
First introduced in January 2001 to promote Singaporean drivers to be more environmentally friendly and to back up clean emerging engineerings, the GVR strategy narrows the cost difference between a green vehicle and the conventional tantamount theoretical account.
Under the GVR strategy, proprietors of trade name new green vehicles can bask a discount on the Additional Registration Fee ( ARF ) as follows:
- For intercrossed, electric and tight natural gas ( CNG ) rider vehicles, a discount on the ARF equal to 40 % of the vehicle ‘s Open Market value ( OMV ) at enrollment ;
- For intercrossed, electric and CNG coachs and commercial vehicles, a discount on the ARF equal to 5 % of the vehicle ‘s OMV at enrollment ; and
- For electric bikes, a discount on the ARF equal to 10 % of the vehicle ‘s OMV at enrollment.
The GVR strategy is due to run out on 31 December 2011.
Proposed alterations
The Minister has proposed to widen the range of the GVR strategy to include imported used green vehicles following a reappraisal of the current strategy. However, the extension will non be applicable to imported used CNG vehicles and vehicles which are required to be trade name new at the point of enrollment ( e.g. taxis ) . The National Energy Agency and Land Transport Authority will denote more inside informations by March 2010.
Effective day of the month
1 July 2010
Remarks
In recent old ages, the authorities has tried to determine Singapore into being more environmentally friendly. This alteration is a farther attempt by the authorities to do Singaporeans more environmentally witting by promoting ownership of green vehicles. Towards this terminal, the authorities may besides wish to see farther cut downing revenue enhancements on vehicles with zero or near-zero emanations. Taxs could be levied based on the degree of pollutants emitted by a vehicle, farther incentivizing Singaporeans to take green vehicles over conventional 1s.
However, with the addition of COE monetary values due to the reduced supply of COEs, the velocity of success of this strategy will be impeded. The authorities has late reduced the figure of COEs issued each period based on a new method of computation, non merely driving up the monetary values of the COEs but besides cut downing the figure of freshly registered autos on the route. As such, the figure of consumers who might profit from this extension of the GVR strategy is reduced.
9.0 Changes in Property-Related Taxs
9.1 Review of Existing Property Tax Rebate for Owner-Occupied Residential Properties
YA2009
Owner-occupied residential belongingss are taxed at a concessionary 4 % rate alternatively of 10 % for all other belongingss. In add-on, owner-occupied residential belongingss with Annual Values ( AVs ) below $ 10,000 can bask the ongoing 1994 belongings revenue enhancement discounts runing from $ 25 to $ 150 per annum, depending on the AVs of their belongingss.
Proposed alterations
The Minister has proposed that the 1994 property-tax discounts will be replaced by a progressive belongings revenue enhancement agenda for owner-occupied residential belongingss for belongings revenue enhancement payable from January 2011 as follows:
- 0 % on first $ 6,000 of AV ;
- 4 % on following $ 59,000 of AV ;
- 6 % on the balance of AV in surplus of $ 65 000
Non-owner occupied residential belongingss and other belongingss will go on to be capable to belongings revenue enhancement at the rate of 10 % of AV
Effective day of the month
January 2011
Remarks
|
AV of belongings |
$ 20,000 |
$ 60,000 |
$ 77,000 |
$ 100,000 |
$ 120,000 |
|
Property Tax Payable ( Old ) |
$ 800 |
$ 2,400 |
$ 3,080 |
$ 4,000 |
$ 4,800 |
|
Property Tax Payable ( New ) |
$ 560 |
$ 2,160 |
$ 3,080 |
$ 4.460 |
$ 5,660 |
|
Impact |
– $ 240 |
– $ 240 |
0 |
+ $ 460 |
+ $ 860 |
Most owner-occupied belongings proprietors will bask a decrease in belongings revenue enhancement due to the freedom applicable to the first $ 6,000 of AV which works up to a nest eggs of $ 240. However, due to the higher 6 % rate applied on AV in surplus of $ 65,000, proprietors with places that have AVs transcending $ 77,000 will hold zero nest eggs and proprietors of places with AVs higher than that will stop up paying much more.
Traveling to a progressive belongings revenue enhancement ratebenefits the low and middle-income families whose places are improbable to transcend AVs of $ 77,000. This will assist these families during the troubles faced amid a retrieving economic system and lifting rising prices rates.
This progressive belongings revenue enhancement is therefore likely to ache rich persons since they are the 1s populating in residential belongingss with high AV. Through thisprogressive belongings and incometax system, together with a fixed GST rate, the authorities is likely trusting to organize a system of revenue enhancements that is just for Singaporeans.
9.2 Seller ‘s Stamp Duty
YA2009
There is no marketer ‘s stamp responsibility collectible on the sale of residential belongingss
Proposed alterations
Unless otherwise exempted, marketer ‘s stamp responsibility will be collectible by Sellerss of residential belongingss which are acquired on or after 20 February 2010 and disposed of within one twelvemonth from the day of the month of acquisition.
Remarks
The authorities abolished the marketer ‘s stamp responsibility collectible on residential belongingss sold within 3 old ages of purchase in 2003. This newer step, in add-on to alterations announced in September 2009 such as the remotion of the Interest Absorption Scheme and Interest-Only lodging loans and non-extension of property-related steps which expired in January this twelvemonth, is portion of a comprehensive bundle designed to control belongings guess and brace the private and residential belongings market. By enforcing the responsibility merely on those disposing their belongingss within a twelvemonth, this can deter short-run guess in belongingss. In add-on, the Loan-to-Value bound has been reduced by 20 % for all lodging loans provided by fiscal establishments regulated by the Monetary Authority of Singapore.
10.0 Liquor Duty
YA 2009
Duties are applicable on the importing of elating spirits into Singapore. However, travelers aged 18 old ages old and above arriving in Singapore from states other than Malaysia, who have spent 48 hours or more outside Singapore instantly before reaching, are eligible to obtain duty-free grants on spirits at the following maximal measures:
- One litre of liquors ( brandy, whiskey, gin, rum, vodka, etc. )
- One litre of vino ; and
- One litre of beer or stout or ale or porter
Proposed alterations
Get downing from 1 April 2010, travelers will hold the option to buy one extra litre of duty-free vino or beer in stead of one litre of duty-free liquors.
Remarks
The proposed alteration will supply greater flexibleness for travelers such that they are able to buy a sum of two litres wine and one litre of beer, two litres of beer and one litre of vino or one liter each of liquors, vino and beer, duty-free. As more and more Singaporeans are going presents for concern or vacation, these persons can profit rather a spot from these alterations and salvage more on GST and import responsibility on spirits upon returning from abroad. For illustration, if an single drinks wine merely, he can now purchase an extra litre of vino without paying import responsibility and GST, but antecedently that single can merely purchase 1 litre of wine revenue enhancement free.
11.0 Decision
Overall, the proposed alterations in the Singapore Budget 2010 benefit the lower and lower-middle income households and persons, be it in revenue enhancement alleviation or property-related revenue enhancements, in peculiar the addition of the income threshold cap for alleviation. These steps counter the job of income inequality in Singapore. Although incomes have risen over the past few old ages, lower income workers have smaller rise than the mean worker. Therefore by supplying greater fiscal support, they will break advancement with the remainder of the society. There is besides an component of promoting greater labour force engagement and productiveness, by increasing income thresholds for dependants and giving inducements for larning and preparation.
Comparing with YA2009, a female single revenue enhancement remunerator is able to claim a maximal extra alleviation of S $ 7000 ( addition in disabled parent alleviation = S $ 3000 + partner alleviation for working hubby = S $ 2000 + addition in class fee alleviation = S $ 2000, entire addition = S $ 7000 ) , while that of a male single revenue enhancement remunerator is S $ 5000 ( no addition in spouse alleviation ) . There are assorted allowable tax write-offs, e.g. tax write-offs for angel investors, which single revenue enhancement remunerator can claim. Although, personal income revenue enhancement discount has been removed for YA2010, single revenue enhancement remunerators can claim more alleviations if they choose to increase their productiveness, heighten their accomplishments and take attention of their older parents. However, this may non needfully take down the net revenue enhancement payable of persons ( see illustration below ) but it surely encourages persons to encompass the policies and the way set by the authorities in order to raise household income. Below is an illustration demoing how revenue enhancement calculation would be affected by the new alleviation.
Premises:
- Wife is the exclusive breadwinner, who derived S $ 84,000 nonexempt income for twelvemonth 2008 and 2009, and ages below 55 old ages old.
- Husband earned S $ 3000 for twelvemonth 2008 and 2009
- A qualified kid earned S $ 3,000 of income for twelvemonth 2008 and 2009. Conditionss for qualified kid alleviation are satisfied.
- Both parents are dependent on and populating with taxpayer for twelvemonth 2008 and 2009. All conditions for parent alleviation are satisfied.
- Has attended a class that is qualified under Course Fee Relief. The class fee is S $ 5,500 for twelvemonth 2008 and 2009. All conditions for class fee alleviation are satisfied.
- No contributions for both old ages.
The revenue enhancement calculations are:
YA2009 |
||
|
Gross Income |
84,000 |
|
|
Lupus erythematosus: Personal Reliefs |
||
|
Earned income Relief |
( 1,000 ) |
|
|
Parent Relief |
( 10,000 ) |
|
|
Spouse Relief |
– |
|
|
Child Relief |
– |
|
|
Working Mother Child Relief |
– |
|
|
Course Fees Relief |
( 3,500 ) |
|
|
CPF Relief |
( 10,800 ) |
|
|
Net indictable income |
58,700 |
|
|
Tax on first 40,000 |
900 |
|
|
Tax on following 18,700at8.5 % |
1,589.5 |
|
|
Tax Collectible |
2,489.5 |
|
|
Less: 20 % one-off discount ( capped at $ 2,000 ) |
( 2,000 ) |
|
|
Net revenue enhancement payable |
489.5 |
|
YA2010 |
||
|
Gross Income |
84,000 |
|
|
Lupus erythematosus: Personal Reliefs |
||
|
Earned income Relief |
( 1,000 ) |
|
|
Parent Relief |
( 14,000 ) |
|
|
Spouse Relief |
( 2,000 ) |
|
|
Child Relief |
( 4,000 ) |
|
|
Working Mother Child Relief |
( 9,000 ) |
|
|
Course Fees Relief |
( 5,500 ) |
|
|
CPF Relief |
( 10,800 ) |
|
|
Net indictable income |
37,700 |
|
|
Tax on first 30,000 |
350 |
|
|
Tax on following 7,700at5.5 % |
423.5 |
|
|
Net revenue enhancement payable |
609 |
|
12.0 Citations
1. Deloitte & A ; Touche LLP. Singapore Budget Commentary 2010: The Road to Recovery. & lt ; hypertext transfer protocol: //www.deloitte.com/assets/DcomSingapore/Local % 20Assets/Documents/Tax/2010/ Singapore % 20Budget % 20Commentary % 202010.pdf & gt ; . Cited 24 March 2010.
2. Ernst & A ; Young. Singapore Budget 2010 Synopsis. & lt ; hypertext transfer protocol: //www.ey.com/Publication/ vwLUAssets/Singapore_Budget_2010_synopsis/ $ FILE/Singapore_Budget_2010_synopsis.pdf & gt ; . Cited 24 March 2010.
3. PriceWaterhouse Coopers Singapore. Budget Commentary: Singapore – 22 February 2010. & lt ; hypertext transfer protocol: //www.pwc.com/en_SG/sg/budget-commentary/assets/bc2010.pdf & gt ; . Cited 24 March 2010.
4. Singapore Government. Singapore Budget 2010 Speech. & lt ; hypertext transfer protocol: //www.mof.gov.sg/budget_2010/downloads.html & gt ; Cited 24 March 2010
[ 1 ] The above tabular array is based on latest revenue enhancement rates as at December 2009. [ 2 ] The income calculated above is based on a married adult male with two kids, his partner does non deduce any income, and the lone beginning of income is from his employment. Exchange rate used: S $ 1: HK $ 5.3975