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Singapore 'Growth Dividends' Deadline Nears

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

07 December 2011


Singapore’s residents, aged 21 and above, who have yet to sign up to receive their 2011 ‘Growth Dividends’, were reminded that they should do so by December 31, 2011.

In its 2011 budget announced in February this year, and to share the fruits of economic growth in 2010, the government decided that it would give Growth Dividends to all adult Singaporeans. Singaporeans with lower incomes, or who live in smaller homes, receive a larger dividend, and the majority of Singaporeans receive SGD600 (USD468) to SGD800 each.

Singaporeans have been able to receive their dividends since May this year. Those who have not yet claimed will be receiving reminder letters from the government from December 7 onwards.

The Growth Dividends will be given to about 2.5m Singaporeans and cost the government SGD1.5bn. As at end-October 2011, more than 2.4m million (or 98% of eligible Singaporeans) have received their dividends.

The total ‘Grow & Share’ package under the Budget also included SGD202m in Workfare Special Bonus payments to about 354,000 low wage workers, which is given on top of their Workfare Income Supplement; SGD600m in personal income tax rebates to about 1.2m taxpayers; SGD192m in Utilities-Save and Service & Conservancy Charges rebates to about 800,000 households; and SGD65m in Child Development Credits to about 170,000 children.

TAGS: tax | economics | fiscal policy | budget | Singapore | tax credits | tax breaks | individual income tax

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