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Singapore Budget 2014: Frequently Asked Questions
The Singapore Budget 2014 will be delivered on 21 February 2014. Find out how you can submit your suggestions for the budget, how to follow it live, and what to expect in Singapore for the upcoming financial year.
The Singapore Budget condenses the government's revenue and expenditure plans for the coming financial year. This year, the Budget will be delivered by the Deputy Prime Minister and Minister of Finance, Mr. Tharman Shanmugaratman, in Parliament on 21 February, 2014.
So how does the Budget affect you, how can you make your impact on the Budget and how can you follow the Budget this year? Here's a quick guide to the Budget 2014.
What is the Singapore Budget?
The Budget reflects the Revenue and Expenditure estimates for the upcoming financial year (starting in 1 April of the current calendar year and ending on 31 March of the following calendar year).
The Budget covers economic, tax and social policies as well as resource management (e.g. policies on fiscal resources and reserves). It details sources of revenue and demonstrates to the public how the government intends to manage its expenditure across the various sectors.
Who does the Singapore Budget affect?
As the Singapore Budget covers social, economic and tax policies, it affects Singaporeans, Permanent Residents and business owners in Singapore, as well as those living and working in Singapore.
How does the Budget take public opinion into consideration?
Before drawing up the Budget, the Ministry of Finance (MOF) commences a public consultation process in November of the preceding calendar year. The aim of the public consultation is to gather feedback towards planning the next financial year's Budget.
During this period, members of the public are encouraged to send their views and suggestions on matters relevant to the upcoming Budget. Following the public consultation process, the final Budget is presented to the Cabinet for approval. This year, the public consultation process ended on 29 January 2014.
Where can I watch the Budget Statement delivery?
A "live" webcast of the delivery of the Budget Statement will be available at the Singapore Budget website, where the Budget Statement will also be uploaded. You can also opt to receive the Budget Statement via email by subscribing to the free Budget Statement mailing list (available from 20 January - 20 February 2014).
There will also be a Budget 2014 Mobile App released in February. The app will provide real-time updates, allow subscribers to stream the Budget Speech ‘live’, and access to video clips and the Budget Quiz.
Where can I find information on previous Singapore Budgets?
The Ministry of Finance keeps a collection of Past Budget Archives online.
Can I submit feedback on the Budget after the public consultation period is over?
The following feedback channels will be open for comments and suggestions following the delivery of the Budget on 21 February 2014:
REACH Budget microsite (www.reach.gov.sg/budgetsg)
REACH Discussion Forum (https://www.reach.gov.sg/YourSay/DiscussionForum.aspx)
REACH Singapore Facebook page (www.facebook.com/REACHSingapore)
REACH Singapore Twitter (#SGBudget) (www.twitter.com/REACH_Singapore)
Singapore Budget Website (http://www.singaporebudget.gov.sg)
Alternatively, you may get in contact through the following:
Email: reach@reach.gov.sg
REACH Toll-Free Hotline: 1800 353 5555
Fax: 6336 7926
SMS: 9-SPEAK-UP (9-77325-87)
Post: REACH, 140 Hill Street, #01-01A, Old Hill Street Police Station, Singapore 179369
Read on for more on Singapore Budget 2014:
- Singapore Budget 2013: Key Initiatives Impacting SMEs
- Singapore Budget 2014: Frequently Asked Questions
- Singapore Budget 2014: Update on the Latest Developments
- Singapore Budget 2014: 7 Key Points for SMEs
- Singapore Budget 2014: Potential challenges for Singapore SMEs
- Singapore Budget 2014: FAQ for ICV and PIC Schemes