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Budget 2005
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Budget Speech 2005
Annex A - Schedule of Personal Income Tax Rates for YA2006 and YA2007
Chargeable Income
band
Current marginal tax rates
Marginal tax rates for YA2006
Marginal tax rates for YA2007
$0 - $20,000
0.00%
0.00%
0.00%
$20,001 - $30,000
4.00%
3.75%
3.50%
$30,001 - $40,000
6.00%
5.75%
5.50%
$40,001 - $80,000
9.00%
8.75%
8.50%
$80,001 - $160,000
15.00%
14.50%
14.00%
$160,001 - $320,000
19.00%
18.00%
17.00%
> $320,000
22.00%
21.00%
20.00%
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INDEX
PART I - INTRODUCTION
2004 - Broad based growth and fiscal recovery
2005 - Continued growth and fiscal consolidation
Creating Opportunity, Building Community
PART II - DYNAMIC AND ENTREPRENEURIAL ECONOMY
Foster a conducive business environment
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Reduce personal income taxes across-the-board
Develop key engines of the economy
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Build on core competencies in manufacturing
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Leverage on our hub status to grow services
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Enhance our status as an international financial centre
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Strengthen our position as a logistics hub
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Rejuvenate the tourism and retail sectors
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Support small businesses
Enhance the capabilities of our workers to secure good jobs
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Top up Lifelong Learning Fund
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Re-design jobs and re-skill workers
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Fine-tune foreign worker policy
Opportunity is for people and businesses to create
PART III - LEAN AND EFFECTIVE GOVERNMENT
A lean and efficient public sector
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Further Budget Cut of 3%
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Economy Drive and Cut Waste Panel
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Best Sourcing and Public Private Partnerships
An effective government
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Consult actively on public policies
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Adopt a risk management approach to regulation
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Respond flexibly to new challenges
PART IV - CARING AND INCLUSIVE SOCIETY
Help Singaporeans cope with changes
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Top-ups to Edusave Accounts
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Top-ups to Medisave Accounts
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Top-up to Medifund
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Top-ups to CPF Special/Retirement Accounts of older Singaporeans
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Utilities Save Scheme
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Top-up to the ComCare Fund
Encourage savings for retirement
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Increase CPF voluntary contribution cap and tax relief cap for the self-employed
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Relax the CPF Minimum Sum topping up criteria
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Simplify Supplementary Retirement Scheme
Support families
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Enhance the Baby Bonus Scheme
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Reduce the foreign domestic worker levy
Promote community involvement and philanthropy
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Recognise sports as a “charitable purpose”
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Recognise explicitly “other purposes beneficial to the community”
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Grant double tax deduction for donations with naming opportunities
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Extend Computer Donation Scheme to IPCs
Other tax changes
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Higher excise duty on tobacco
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Changes to horse betting duty
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Greater scope of relief from stamp duties
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New relief for estate duty
PART V - CONCLUSION
Revised FY2004 and FY2005 Budget Position
Building our home together
ANNEXES
ANNEX A : Schedule of Personal Income Tax Rates for YA2006 and YA2007
ANNEX B : Key Features of Loss Carry-back
ANNEX C : Current and New Excise Duties for Tobacco Products
ANNEX D : Budget for FY2004 and FY2005
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