Budget 2015: What you need to know right now

Income taxes will be hiked to shoulder massive investments.

5:50 pm: Excluding investments in funds, budget will be close to balance.

5:49 pm: In deficit of over $6b in FY14, due mainly to investments in funds.

5:48 pm: "We must always have the resources to fund our commitments," DPM Tharman.

5:47 pm: Higher personal income taxes effective 2017, addition of Temasek into NRI framework will provide sufficiently for increased spending needs.

5:46 pm: High-income earners hit with higher taxes.

5:43 pm: We cannot take tax competitiveness lightly; we can't keep raising tax rates without impacting competitiveness.

5:43 pm: Personal income tax top marginal rate to rise by 2% from 20-22% for top 5% of earners with chargeable income of $320,000

5:41 pm: Domestic taxes: Better-off Singaporeans should contribute more, while tax burden on middle-income earners should be kept low.

5:40 pm: Domestic taxes, NIR framework to bolster fiscal position.

5:37 pm: Temasek's returns to be added into NIR framework alongside GIC and MAS

5:36 pm: Need to increase revenue to secure Singapore's fiscal position.

5:36 pm: Overall spending to reach 19-19.5% of GDP.

5:36 pm: We must ensure that we are able to fund these expenses and control costs.

5:35 pm: Healthcare, public transport, Changi Airport--main sources of expenditure.

5:34 pm: New Changi Airport Development Fund set upl; initial $3b injected in fund, to be increased when fiscal position allows.

5:32 pm: Healthcare spending to jump from over $9b in 2013 to over $20b in 2020; will increase further.

5:31 pm: Help households with cost of living, higher savings rates, help companies with restructuring.

5:31 pm: DPM Tharman reviews key aspects of Budget 2015.

5:29 pm: Foreign worker concessionary levy to be reduced, will cost gov't $125m per year 

5:28pm: One-year road tax rebate unveiled.

5:27 pm: Early turnover scheme to be enhanced to encourage use of carbon-efficient vehicles.

5:25 pm: Tax rebates to cost over $700m, says DPM Tharman.

5:24 pm: HDB household rebates will cost gov't $80m.

5:23 pm: GST Voucher bonus for seniors. 

5:22 pm: GST Voucher cash quantum increased by $50 across the board to help lower income households; will benefit 1.4m Singaporeans.

5:21 pm: Gov't to donate $20k to each school for individual projects.

5:21 pm: Charitable donations get 300% deduction for this year.

5:20 pm: Gov't to spend $250m  to encourage donations in Jubilee year.

5:19 pm: Individual donations jump to record high in 2014, boosted by benefits for donations

5:18 pm: Top up to the post-secondary education account to support tertiary students 

5:17 pm: Transport subsidy to cover at least half of students' transport costs.

5:17 pm: MoE financial assistance scheme to be enhanced

5:16 pm: National examination fees to be waived for public institutions.

5:15 pm: Pre-school initiatives will cost $250m over the years.

5:15pm: Anchor operator scheme, partner operator scheme to benefit 50% of pre-school kids

5:14 pm: Childcare operator scheme to keep pre-school fees lower.

5:13pm: Support for families with children; substantial subsidies for families with pre-school kids.

5:12 pm: MoM to implement Silver Support around 1Q 2016; final details to be revealed closer to implementation

5:11pm: Silver Support to cost $350m in first year; together with other schemes will cost up to $1b per year, with costs forecasted to increase.

5:10 pm: Silver Support to "supplement incomes in modest but meaningful ways". 

5:09 pm: 150,000 of today's elderly will get these Silver Support top-ups

5:06 pm: Eligible seniors to get $300-$750 per quarter under Silver Support Scheme; seniors in smaller flats get more cash.

5:05pm : Wages not the basis for silver support; three factors to be considered--lifetime wages, level of household support, and type of housing.

5:04pm: Silver support not only for the neediest elderly; other support systems exist for the truly needy

5:03: Silver support scheme to "help mitigate life's inequalities".

5:02 pm: Silver support scheme to help present and future seniors.

5:01 pm: Singaporeans encouraged to retain savings in CPF accounts and top-up the CPF accounts of their family members

5:00 pm: Employers encouraged to hire workers beyond 65 via special employment credit worth 3% of wage on top of 8.5% wage offset

4:58 pm: Higher employer contribution rates effective Jan 2016.

4:56 pm: CPF enhancements to be rolled out; salary ceiling raised from $5,000 to $6,000. 

4:53 pm: Four pillars shouldn't erode personal responsibility.

4:52 pm: Home Ownership, CPF, Healthcare Assurance and Workfare are the four pillars of Singapore's social security system.

4:50 pm: Affordable, quality healthcare "critical" as Singaporeans age. 

4:48pm: Gov't to help lower-income retirement monetize their homes.

4:47pm: Tax regime for REITs remains "very competitive".

4:47pm: Stamp duty concessions for REITs' local acquisitions will be allowed to lapse

4:46pm: Income tax and GST concessions for REITs to be extended to attract more REITs

4:45pm: Go for more international expansion, but keep HQs and main businesses in Singapore, SMEs told.

4:44pm: Higher support levels for SMEs for internationalisation efforts

4:43 pm Financial institutions can get 50% risk-sharing from SPRING to support the Venture Debt Programme

4:43 pm: Reduce reliance on equity and bank financing for funding; start-ups encouraged to try venture debt for funding 

4:43pm: National Research Fund to be topped up by $1b this year.

4:42 pm: Reduce early-stage funding gaps for start-ups; more angel investors encouraged to help start-ups

4:41 pm: More investments in R&D; national research fund to be topped up by $1b this year.

4:39: Enhanced capability development grant scheme to cost up to $600m.

4:38 pm: Make it easier for SMEs to apply to SPRING. Enhanced funding support level to be extended for three more years.

4:36 pm: Strengthen ground support for all kinds of innovation; enterprise financing to be catalyzed to promote innovation.

4:35: Manufacturing, construction worker levies to be tweaked. Retain high-productivity workers, reduce reliance on unskilled foreign workers.

4:34 pm: While foreign worker levies are being adjusted, reducing reliance on manpower will not be altered

4:33 pm: Foreign worker levy increases to be deferred this year to give companies more time to adapt

4:32 pm: Foreign worker policies succeeding; net inflow down from 60,000 in 2011 to just over 16,000 in 2014.

4:30 pm: Temporary Employment Credit to be extended for 2-years, with additional labour cost support

4:29 pm: PIC bonus to expire in YA 2015 on back of robust take-up.

4:28pm: Corporate tax rebate to be extended for YA 2016 and 2017. Rebate will be at 30% of tax payable but at lower cap of $20,000.

4:27pm: Reducing level of co-funding phases out the wage credit scheme gradually, from 40% this year to 20% in 2016 and 2017. WIC will not be retained for the long term 

4:26: Wage credit scheme, corporate tax bonus to be expanded; PIC to expire

4:25: Transition support package expected to disburse $7.5b over the next three years, significantly higher than earlier productivity

4:24 pm: Need to move past "basic solutions" in productivity

4:23 pm: Budget 2015 will give support to businesses making "significant" effort to improve productivity 

4:22pm: Employment driven by domestically-oriented sectors, hence lag in productivity growth

4:22 pm: Outward-oriented sectors had productivity growth around 5%; domestic-oriented sectors -1%.

4:21 pm: Wide gap in productivity growth in external- and domestically-oriented sectors.

4:21 pm:Industry collaboartion to help SMEs overcome challenges in training

4:20 pm: Gov't will work to develop key sectoral master plans

4:19 pm: SMEs lack training capacity and unable to invest in the future; need new forms of industry collaboration to resolve this 

4:19: More Singaporeans encouraged to take on coporate leadership roles.

4:18 pm: Software engineering named among growth clusters of the future.

4:17: Fellowships to be introduced to help Singaporeans gain mastery in their fields. Funded by Skills Future Jubilee Fund

4:16 pm: Beyond Skills Future Credit and subsidies, there will be special support for those who want to develop deep skills in particular fields.

4:15 pm: Multiple subsidies for modular courses regardless of age

4:14pm: Enhanced subsidies for mid-career Singaporeans; education and training subsidies for Singaporeans aged 40 and above.

4:12 pm Online learning portal for Singaporeans to be launched 

4:10 pm:  After school: continuous investments throughout Singaporeans' careers. Skills future credit $500
for each Singaporean 25 years and above with regular top-ups without expiry  

4:08 pm: Need to develop better internship programs to benefit students and SMEs. Enhanced internships for 2.3 of polytechnic courses  over the next two years

4:06 pm: Spending on continuing education and training to jump from $600m per year to over $1b per year from now until 2020

4: 05 pm: Expanded Skills Future will involve new modes of learning. It must be possible for individuals to determine their own learning journey.

4:04 pm: Deeper and more structured internship programs for students

4: 03 pm:  First major thrust: developing our people

4:02pm: Budget 2015 takes us into our future, our aspirations are attainable: DPM Tharman

4:01 pm: Total gov't spending to go up "significantly" in coming years.

3: 59 pm: This budget will encourage philantrophy and giving

3:58 pm: Enhance CPF benefits further: DPM Tharman.

3: 57pm: We will have 24 offices to coordinate social services by the end of 2015

3:55 pm: Massive infrastructure spending boost

3: 54 pm: Expand every dimension of the healthcare system; more hospital beds, increase nursing home capacity

3:53 pm: Over 95% of young adults aged 25-34 complete their post-secondary education

3:52pm: There shall be stronger government support for SMEs to grow overseas

3:52pm: Need new collaborative culture in industries. Companies need to join forces to develop skills for the entire industry.

3: 51 pm: Look out for mid-career singaporeans and help them get retraining; empower more employees

3:50pm: Tight labour market is now a reality: DPM Tharman

3:49pm: Industries need to shift from value adding to value creating; Firms have to devise new ways to grow, gov't will strengthen support for SMEs

3:49 pm: Embarking on next wave of investment in people via Skills Future to help Singaproeans learn at every age

3:48pm: "Retain our vibrance as a city" DPM Tharman said

3: 47 pm: Need to develop creative talents and develop hotel sector; strengthen early childhood education

3:45 pm: 4 major steps in achieving growth in Singapore society and economy unveiled.

3: 42 pm: Strengthening support for middle-income, elederly

3:40 pm: Budget deficit is smaller than expected at $0.1b for FY2014.

3:38 pm : More than fivefold increase in standard of living, thanks to increased education. Singaproe has caught up with many other countries that were once well ahead of the republic.

3:36 pm: Singapore a key node in services for Asia and the world. DPM Tharman lauds ST Engineering, Hyflux, BreadTalk, X-mini.

3:32pm: FY14 budget to post a smaller deficit than expected

3:25pm: Budget Statement 2015 is about to start in a few minutes

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Join the SBR Singapore Budget Breakfast Briefing 2015 tomorrow at The Fullerton Hotel Singapore to get a more in-depth analysis of the impacts of Singapore's Budget 2015. Find out more here.