Budget 2025: Up to S$800 in SG60 vouchers; 60% personal income tax rebate
The tax rebate will be capped at S$200, for year of assessment 2025
THE Singapore government will give SG60 vouchers to all Singaporeans aged 21 and above, as part of a package to celebrate the Republic’s 60th birthday, said Finance Minister Lawrence Wong in his Budget speech on Tuesday (Feb 18).
A one-time voucher of S$600 will be given to those aged 21 to 59 in 2025, while S$800 will be given to those aged 60 and above.
These vouchers are expected to benefit about three million adult Singapore citizens. They will be disbursed in July, and seniors will be able to claim them first.
The vouchers will expire on Dec 31, 2026.
The SG60 vouchers will be similar to Community Development Council (CDC) vouchers, in terms of how they can be claimed and spent. They can be claimed digitally on RedeemSG via Singpass, or one can seek assistance at community centres and clubs.
The SG60 vouchers can be used at all businesses that accept CDC vouchers. Half of them will be allocated for use at participating heartland stores and hawker stalls, while the other half will be for use at participating supermarkets.
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More details will be released subsequently by the People’s Association and the CDCs.
Those who are better off may want to donate their vouchers to those with greater needs, the finance minister noted. More details on how to do so will be announced in due course.
More benefits
The government will also provide a personal income tax rebate of 60 per cent, for the year of assessment 2025. This will be capped at S$200. This is such that “the rebate mostly benefits our middle-income workers”, said the minister in his speech.
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No application is required for the rebate, and the Inland Revenue Authority of Singapore will compute and grant the rebate automatically to all tax resident individuals.
Furthermore, Singaporean babies born in 2025 will be entitled to an SG60 Baby Gift. More details will be provided at the Prime Minister’s Office’s Committee of Supply debate in Parliament.
For more Budget stories, visit businesstimes.com.sg/singapore-budget-2025
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