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$630 Million Worth Of GST Credits And Senior Citizens' Bonus Given Out In 2007

18 January 2008

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About $630 million of GST Credits and Senior Citizens' Bonus have been given out to Singaporeans in 2007. This is part of the $4 billion GST Offset Package announced in the 2007 Budget Statement to help Singaporeans cope with the 2% GST increase that took effect from 1 July 2007.

More than 2.2 Million sign-ups for 2007 GST Credits and Senior Citizens' Bonus

2. Over 2.2 million or almost 97% of the 2.3 million eligible Singaporeans signed up by the 31 December 2007 deadline and received their 2007 GST Credits and Senior Citizens' Bonus. This includes more than 95% of older Singaporeans aged 55 and above, and over 97% of Singaporeans living in 1-3 room HDB flats.

3. Over half (or 41,000) of the 79,000 Singaporeans who did not sign up live in private properties with annual values in excess of $10,000. Some have decided not to receive the GST Credits and Senior Citizens' Bonus or have moved away without leaving a valid address or who have passed away.

4. The Ministry would like to thank grassroots leaders who visited more than 30,000 1-3 room HDB flats from June 2007 to help the elderly and low-income Singaporeans sign up. We would also like to thank nursing homes and voluntary welfare organisations which conducted special sign up exercises for their residents and clients.

How to receive 2008 GST Credits and Senior Citizen Bonus

5. All eligible Singaporeans will receive a notification letter in May 2008, informing them of how much they can receive for this year's payout. The letter will also indicate if the person has already signed up for the Credits in 2007. Singaporeans who had already signed up in 2007 need not do so again in order to receive their 2008-2010 payouts. Those who did not sign up in 2007 will be reminded to do so from mid-May to 31 December 2008 to receive their Credits for 2008-2010. However, there will be no retrospective payment of the 2007 GST Credits and Senior Citizens' Bonus.

6. For more information on the GST Offset Package, please visit www.gstoffset.gov.sg or call the CPF Board at 1800-2222-888.

MINISTRY OF FINANCE

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