Blog
COMPASS Framework for EP Applications/ Renewal
17/03/2022
COMPASS FRAMEWORK FOR EP APPLICATIONS / RENEWAL MOM will implement a new framework to assess Employment Pass applications on 1 Sep 2023 New COMPASS framework aims to ensure these pass holders better complement the resident workforce Applicants will be assessed according to four “foundational” criteria and two bonus criteria Applicants must score 40 points across… View Article
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Budget 2022 – PERSONAL TAX INCREASE
26/02/2022
PERSONAL TAX INCREASE Personal Income Tax rates ceiling increased from 22% to 23-24%. This will take effect from the year of assessment 2024. Non-residents’ employment income is taxed at the flat rate of 15 per cent or the progressive resident tax rates, whichever is higher. Feel free to contact us if you are needing financial… View Article
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Budget 2022 – CARBON TAX INCREASE
25/02/2022
CARBON TAX INCREASE The carbon tax will be raised to $25 per tonne in 2024 and 2025 and $45 per tonne in 2026 and 2027, expecting to reach $50 to $80 per tonne by 2030. The current tax of $5 per tonne of emissions will remain unchanged until 2023. Large emitters in Singapore will from… View Article
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Budget 2022 – HIGHER WEALTH TAXES
24/02/2022
HIGHER WEALTH TAXES Wealth Taxes in SG: Property Tax, Additional Registration Fee (ARF) for vehicles, Stamp Duties. Property Tax on Investment properties will increase to 12-36%, from 10-20%. Property Tax on Owner-occupied properties for the portion of annual value in excess of $30,000 will be increased to 6-32%, compared to 4-16% presently, effective from YA2023…. View Article
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Budget 2022 – MEASURES TO UPLIFT LOWER-WAGE WORKERS
23/02/2022
GOVT TO IMPLEMENT MEASURES TO UPLIFT LOWER-WAGE WORKERS PROGRESSIVE WAGE CREDIT SCHEME: between 2022 to 2026 co-funding by government on wage increases for lower-wage workers by up to 50% in the first two years WORKFARE INCOME SUPPLEMENT ENHANCED: raised qualifying salary to $2,500 from $2,300 extended to younger workers from 30-34 years old increase the… View Article
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Budget 2022 – FOREIGN WORKER POLICY CHANGES
22/02/2022
FOREIGN WORKER POLICY CHANGES MINIMUM QUALIFYING SALARY FOR NEW EP APPLICANTS raised up to $5,000; $5,500 for Financial Sector apply to new EP applications with effect 1 Sep 2022 apply to renewal applications with effect 1 Sep 2023 MINIMUM QUALIFYING SALARY FOR NEW SP APPLICANTS raised up to $3,000; $3,500 for Financial Sector lower Dependency… View Article
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Budget 2022 – GST TO INCREASE TO 9% IN TWO STAGES
21/02/2022
GST TO INCREASE TO 8% ON 1 JAN 2023, AND TO 9% ON 1 JAN 2024 Government fees and charges will not be increased for a year from Jan 1, 2023. CDC vouchers $200 per household in 2023, and another $200 per household in 2024. All Singaporeans children and seniors will receive MediSave top-ups worth… View Article
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Budget 2022 – HOUSEHOLD SUPPORT PACKAGE
20/02/2022
HOUSEHOLD SUPPORT PACKAGE All households will receive $100 worth of CDC vouchers in 2022. Eligible households will get double GST Voucher – U-Save rebates (up to $285 more) for April to December 2022. Adult Singaporeans will get a $200 top-up to their Child Development Account, Edusave account, or Post-Secondary Education Account. Feel free to contact… View Article
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Budget 2022 – CPF BASIC RETIREMENT SUM (BRS) INCREASED
19/02/2022
CPF BASIC RETIREMENT SUM (BRS) INCREASED The Central Provident Fund (CPF) basic retirement sum will be raised by 3.5% per year for the next five cohorts of CPF members turning 55 from 2023 to 2027. CPF contribution rates for senior workers will be increased between 1.5-2%. Feel free to contact us if you are needing… View Article
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Budget 2022 – SMALL BUSINESS RECOVERY GRANT
18/02/2022
SMALL BUSINESS RECOVERY GRANT SMEs badly hit by Covid-19 will get $1,000 per local employee, up to $10,000 per company. $1,000 payout to local sole proprietors and partnerships in eligible sectors, and SFA-licensed hawkers, market and coffeeshop stallholders, who do not hire local employees. The Jobs Growth Incentive (JGI) will be extended to September 2022,… View Article
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