Singapore Budget 2019: Surplus instead of deficit for FY18; suspension of HSR, higher stamp duties cited

Singapore

SINGAPORE is expected to register a budget surplus of S$2.12 billion for FY18, equal to 0.4 per cent of gross domestic product (GDP), instead of a small overall deficit of S$0.6 billion as estimated a year ago.

The surplus for the fiscal year ending March 31 was due to the unexpected suspension of the Kuala Lumpur-Singapore High-Speed Rail (HSR) Project, as well as higher than expected collections from stamp duties, corporate income tax and statutory board contributions.

Part of the surplus will be shared with Singaporeans through a one-off Bicentennial Bonus of S$1.1 billion, in line with this year's Bicentennial commemorations. The Bonus will include payouts of S$150 to S$300 for about 1.4 million Singaporeans aged 21 and above this year, based on their assessable income and the annual val…