20% personal income tax rebate, 40% property tax rebate

(Channel News Asia) SINGAPORE: Households will get a 20 per cent personal income tax rebate for Year of Assessment 2009, capped at S$2,000.

There will also be 40 per cent property tax rebate for owner-occupied homes in 2009.

Together, these two tax rebates will cost the government S$532 million (S$75 million for property tax rebates and S$457 million for income tax rebates).

Finance Minister Tharman Shanmugaratnam said this in his Budget Speech in Parliament on Thursday.

Home-buyers will also get more help to pay for their first home.

The Additional CPF Housing Grant for first time home-buyers will be increased from S$30,000 to S$40,000.

The household income ceiling to qualify for this will also be raised from S$4,000 to S$5,000.

8,000 home-buyers are expected to benefit from this scheme each year, costing the government about S$150 million per year.