In awake of the inflation rate statistic released in October 2017 showed inflation rate is expected to rise in the coming year 2018 and It is also expected to increase gradually from 2018 onwards (The Statistics Portal, 2017). For next year’s Budget 2019, Singapore government other than supporting businesses, they should also take into consideration focus on personal earned income tax relief.
The current personal earned income tax relief below 55 years old is $1,000 which remained unchanged for decades and it is no longer in line with the cost of living and the increased in inflation which will dramatically decline the value of the dollar today. As a result, taxpayer’s budgets are being stretched for basic needs such as foods, education, shelter and would become a lot higher in the future. In line with the annual rise in inflation and cost of living, it is recommended that the government to increase personal earned income relief and it will be better that if it updated annually in order to help taxpayers who in financially stretched and also can improve the quality of life in Singapore.
The global environment has undergone major changes. In order to thrive in these rapid changes, Budget 2018 addresses a long-term challenge in building a cohesive, caring society and create new opportunity for individuals and companies by encouraging internationalization and promoting technologies innovation to enhance the growth of digital capabilities. This strategic financial plan will enable Singapore to develop well in the future and support the aspirations: one people and one nation.
Need essay sample on In in line with the cost... ?We will write a custom essay sample specifically for you for only $12.90/pageorder now