On income tax
All taxpayers will also enjoy a personal income tax rebate of 20 per cent for YA2011, with the rebate capped at S$2,000.
On top of this, all taxpayers will benefit from a more progressive income tax cut. Marginal tax rates will be reduced for the first S$120,000 of chargeable income.
This means those with a chargeable income of S$60,000 will now pay 25 per cent less tax and save S$650 a year, while those with chargeable income of S$160,000 save a smaller percentage of about 10 per cent.
However, because this group pays higher taxes, they will in fact save about S$1,600.
Those with a chargeable income of above S$330,000 will save less than 1 per cent and get a modest S$350.
The changes will take effect from YA2012 and will cost the government some S$590 million a year.