At Budget 2022, the Government announced the Household Support Package to provide support for daily essentials, the Assurance Package for GST to cushion the impact of the planned GST increase, and enhancements to the permanent GST Voucher (GSTV) scheme to provide continuing help to defray the GST expenses of lower- to middle-income Singaporean households, beyond the transitional support covered by the Assurance Package.
The GSTV scheme will be enhanced in three ways:
- First, the Service and Conservancy Charges (S&CC) Rebate will be made a component of the permanent GSTV scheme, from 2022 onwards.
- Second, the Assessable Income threshold for the GSTV – Cash will be increased from $28,000 to $34,000, from 2022 onwards. This will cover more Singaporeans.
- Third, the quantum of the GSTV – Cash payout will be increased to $500 for those residing in homes with Annual Values (AVs) of $13,000 and below; and to $250 for those residing in homes with AVs of between $13,000 and $21,000. The changes to the payout quantum will be implemented over two years:
- In 2022 GSTV, eligible recipients will receive $400 or $250, depending on their AV of residence;
- From 2023 GSTV, eligible recipients will receive $500 or $250, depending on their AV of residence.
More details on the Household Support Package, Assurance Package for GST and GSTV scheme are available here.
On 21 June 2022, Deputy Prime Minister and Minister for Finance Lawrence Wong announced a $1.5 billion support package to provide targeted and immediate relief for the lower-income and more vulnerable groups. Under the support package, GSTV – Cash recipients will receive a GSTV – Cash Special Payment of up to $300, on top of the regular GSTV – Cash to be received this year.
More details on the support package are available here.