SINGAPORE: Each household is eligible for only one GST Voucher (GSTV) — U—Save rebate, similar to past U—Save rebates.
The Ministry of Finance (MOF) said this on Thursday in response to queries from Singaporeans on the amount of U—Save rebates that they and their households are eligible for.
Singaporeans started receiving their GSTV notification letters from Monday.
The MOF said it has taken into account the feedback received and will ensure that in future, letters will make very clear the distinction between individual and household benefits.
It said although family members living in the same household may have individually received the notification letter on the GSTV — U—Save that their household is eligible for, it would be inaccurate to add the GSTV — U—Save in each letter.
The amount of GSTV — U—Save depends on the flat type. It is not based on the size of the household.
The GSTV — U—Save is one component of the GST Voucher scheme. It is paid out on a household basis.
The other components of the GST Voucher are GSTV—Cash and GSTV—Medisave. These are paid out on an individual basis.
Personalised letters have been sent to Singaporeans who qualify for one or more components to ensure that they are aware of the benefits they will get individually and as part of their household, as well as to maintain the privacy of the individual payouts. This was also done last year.
To illustrate: A 4—room HDB household with three adult Singaporeans — Mr Tan, a 65—year—old retiree with no other income, Mrs Tan, a 55—year—old housewife, and their 25—year—old son with an Assessable Income of $30,000.
They do not own a second property.
Mr Tan’s letter will inform him that he will get a GSTV—Cash of S$250 and GSTV—Medisave of S$250.
His household will receive a GSTV — U—Save of S$110.
Mrs Tan’s letter will inform her that she will personally receive a GSTV—Cash of S$250, and that her household will receive a GSTV — U—Save of S$110.
The son’s letter will inform him that he will not receive any individual payout, but that his household will receive a GSTV — U—Save of S$110.
The MOF said that on average, the GSTV will help lower—income families offset about half of the GST they pay each year.
Retiree couples living alone in smaller flats can expect to receive a GSTV that will more than fully offset their yearly GST expenses.
Middle—income families can also expect to receive a GSTV that will partially offset their GST expenses.
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