Here are nine key takeaways from Budget 2022:
GST HIKE DELAYED TO 2023
The GST hike will be delayed to next year and implemented in two phases.
First, it will go up from 7 per cent to 8 per cent on Jan 1, 2023, and then to 9 per cent on Jan 1, 2024.
To cushion the impact, the Government will provide an additional top-up of S$640 million to the S$6 billion Assurance Package, giving “significant payouts” to Singaporeans, said Mr Wong.
For instance, all Singaporean adults will receive S$700 to S$1,600 in cash payouts over the next five years.
All Singaporean households will also get two tranches of Community Development Council (CDC) vouchers worth S$200 each in 2023 and 2024. These can be used at participating heartland shops, hawkers and major supermarkets.
Eligible seniors and households will also receive special GST voucher payouts, while Singaporean children and seniors will get MediSave top-ups.
