The Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam announced the spending plan today in a speech at the Parliament presenting the budget for the coming year 2014. About 800,000 Singapore households living in the Housing Board flats will also benefit from a one-off GST voucher payment.
‘Through these additional rebates, eligible households will be able to free up cash for their other expenses,’ said Shanmugaratnam. While explaining liquor excise duties he said, ‘The last effective increase in liquor duties was made 10 years ago, in 2004, when we rationalized our liquor duties to bring them in line with our international obligations. We will now raise the excise duty rate of all liquor types by 25 per cent to keep pace with inflation. These changes will take effect today and result in a revenue gain of about $120 million a year. I will raise the betting duty rates on lotteries from 25 per cent to 30 per cent of gross bets, from 1 July 2014. The rate increase affects Singapore Pools. Private clubs are not affected as they pay different duties on their jackpot machine takings.’