Two special initiatives will be launched to commemorate the Singapore Bicentennial.
First, the Bicentennial Community Fund will encourage individuals and companies to give back to the community in various ways, including dollar-to-dollar matching for donations made to Institutions of Public Character (IPCs). Donations to IPCs will also qualify for a 250% tax deduction.
Next, the Bicentennial Bonus will share the financial surpluses with Singaporeans, providing additional support for lower-income Singaporeans.
The Bicentennial Bonus has several components, including a GST Voucher - Cash (Bicentennial Payment) of $300 for lower-income Singaporeans, a Workfare Bicentennial Bonus in cash, CPF top-ups, Edusave top-ups, and top-ups to Post-Secondary Education Accounts. There will also be a 50% Personal Income Tax Rebate, capped at $200.
Finance Minister Heng Swee Keat was delivering the Budget 2019 statement in Parliament on 18 February 2019.
