SINGAPORE - A personal income tax rebate for taxpayers will be introduced this year, Finance Minister Heng Swee Keat announced in his Budget address on Monday (Feb 20).
The rebate, set at 20 per cent of tax payable for income earned in 2016, will be capped at $500.
"This will give households a reduction in their tax bills this year," he explained.
The rebate will cost the Government $385 million.
This comes as Mr Heng also announced a slew of support measures to assist households with their expenses.
These include a one-off GST voucher "cash special payment" of up to $200, a permanent increase by an amount ranging from $40 to $120 for the GST voucher U-Save rebate and an extension and increase of the service and conservancy charges rebate.