February 22, 2010

SINGAPORE: More tax relief for parents

. SINGAPORE / The Straits Times / Singapore Budget 2010 / February 22, 2010 By Melissa Pang THE Government will set aside $1.4 billion of its budget this year on households, with lower and middle-income families benefitting most, Finance Minister Tharman Shanmugaratnam said in Parliament on Monday. A portion of this will go into relieving those supporting elderly dependents. Mr Tharman announced that tax-payers supporting parents, grandparents, and great grandparents, will be granted a parent relief of $7,000 - if he or she lives with the dependent and $4,500 for those who do not live with the elderly dependent. ST Photo: Joyce Fang In his 2010 Budget Statement, Mr Tharman announced that tax-payers supporting parents, grandparents, and great grandparents, will be granted a parent relief of $7,000 - if he or she lives with the dependent. The parent relief is $4,500 for those who do not live with the elderly dependent. Currently, tax-paying individuals supporting elderly dependents receive $5,000 and $3,500 in relief respectively. If the parent is handicapped, the taxpayer is granted a relief of $11,000 if he or she lives with the handicapped dependent. If the taxpayer does not live with the handicapped dependent, the parent relief is $8,000. Tax-paying individuals supporting handicapped parents currently receive $8,000 and $6,500 in parent relief. The changes will come into effect from year of assessment 2010. [rc] Copyright © 2010 Singapore Press Holdings Ltd.