FY2023 Budget Statement
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Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, delivered Singapore's FY2023 Budget Statement on Tuesday, 14 February 2023, in Parliament.
Budget Statement 2023
Budget Statement 2023
Annex A-1: Utilisation Of Draw On Past Reserves FY2020–FY2022 (As At 14 February 2023)
Annex A-2: Fiscal Position In FY2023
Annex B-1: Support For Households For Inflation And GST
Annex D-1: Enterprise Innovation Scheme
Annex D-2: Examples For Budget 2023 Statement
Annex D-3: Enhancements To The Progressive Wage Credit Scheme
Annex E-1: Increase To The CPF Housing Grant For First-Time Homebuyers Purchasing Resale HDB Flats
Annex E-2: Support For Marriage & Parenthood
Annex E-3: CPF Transition Support Scheme For Platform Workers
Annex E-4: Retirement Adequacy Measures
Annex F-1: Measures To Encourage Philanthropy And Volunteerism
Annex G-1: Tax Changes
Annex G-2: Vehicular Tax Changes
Budget Infographics
Assurance for 2023
Disbursement Calendar 2023
Supporting Businesses
Enterprise Innovation Scheme
Supporting Workers
Building a Singapore Made for Families
Building a Resilient Nation
A Competitive, Resilient and Fair Tax System
Budget Booklet summarises the key Budget 2023 measures.
Budget Booklet: English
Source: MOF
Increase in CPF contribution rates from 1 January 2022
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Changes from 1 January 2022
(a) For wages earned from 1 January 2022, the CPF contribution rates for employees aged above 55 to 70 will be increased to strengthen their retirement adequacy.
(b) The increase in the CPF contribution rates will be fully allocated to the employees’ Special Account to provide a bigger boost to their retirement income.
(c) For those earning monthly wages of more than $500 to $750, the employee contribution rates will continue to be phased in.
(d) There are no changes to the graduated contribution rates for first and second year Singapore Permanent Residents (SPRs).
(e) There are no changes to the Ordinary Wage (OW) Ceiling and Additional Wage Ceiling.
Auto Inclusion Scheme (AIS) for Employment Income
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Understand AIS and its benefits
• Employers will submit their employees’ employment income information to IRAS from 6 Jan to 1 Mar each year.
• Prepare the AIS submission early to avoid last minute rush.
• The submitted income information will be auto-included in employees’ tax returns for their verification and tax filing.
• Go green as you eliminate hardcopy Form IR8A.
• Simplify tax filing for your employees with the convenience of No-Filing Service (NFS)!
To File Annual Lodgments and Ad hoc Filing on time
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With effect from 14 Jan 2022, there will be higher penalties for late filing of the annual lodgments by Singapore-incorporated companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs).
Under the 2-tier penalty framework, first announced in Dec 2020, the penalty for late filing of the annual lodgments will be $300 within the first 3 months after the due date or $600 if the lodgment is filed more than 3 months after the filing due date. This applies to annual lodgments that are due on or after 14 Jan 2022. For annual lodgments due before 14 Jan 2022, the existing penalty framework continues to apply.
1.3 Million Singaporean Households to receive $100 CDC vouchers
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- Category: Singapore News
Every Singaporean household will receive $100 in Community Development Council (CDC) vouchers!
At Budget 2021, the nationwide CDC Voucher Scheme was announced to thank Singaporeans for coming together amidst the Covid-19 pandemic, and to support the hawkers and heartland merchants.
CDC Vouchers can be claimed from go.gov.sg/cdcv, and spend them on food and items at participating hawkers and heartland merchants. More info can be found HERE.
Source: MOF
