Reminder To Sign Up For Singapore's GST Credits

by Mary Swire, Tax-News.com, Hong Kong

08 December 2010

Singapore’s taxpayers, who have not signed previously, only have until December 31, 2010 to do so to receive their 2010 Goods and Services Tax (GST) Credits.

The GST offset package is a set of comprehensive measures announced in the 2007 budget to help Singaporeans with the increase in GST, with more for lower-income Singaporeans. It was estimated that it would cost the government SGD4bn (USD3bn) over five years.

To receive GST Credits, a taxpayer must be a Singapore citizen; be aged 21 or above in the year of payout; and sign up by December 31 of the year of payout. As this is the last payout of GST Credits, the government would like to encourage eligible Singaporeans who have not received their 2010 GST Credits to sign up immediately. They will also receive a reminder letter from Central Provident Fund Board.

By the end of October 2010, 2.4m or 97% of eligible Singaporeans had signed up and received SGD2.3bn worth of GST Credits, given out from 2007 to 2010. Older Singaporeans had received an additional SGD600m in Senior Citizens’ Bonus.

Singaporean households also received SGD750m in Utilities-Save (U-Save), Service & Conservancy Charges (S&CC) and rental rebates over the same period. Singaporean households will continue to receive U-Save, S&CC and rental rebates until early 2012.

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