Goods and Services Tax Offset Package: Return of Your Tax Dollars

The Ministry of Finance has announced the offset package that can be claimed via: ATM /Web / Hardcopy Forms.

The offset comprises not only the GST credit in cash but the following:

1. GST Credits
2. Senior Citizens’ Bonus
3. Top-ups to Post-Secondary Education Accounts
4. Utilities-Save, Service and Conservancy Charges and Rental Rebates
5. Property Tax Rebate
6. Assistance for Low-Income Families with Young Children
7. Assistance for Pensioners
8. Public Transport Fund
9. Assistance through Citizens’ Consultative Committees (CCCs), Self-Help Groups and VWOs
10. Additional Subsidies for Healthcare, Education and Service and Conservancy Charges

To most of us, we will benefit from some but not all of the rebates. As in any scheme where you need to opt-in, there will be leakage as some citizens especially who are less educated or whose address have changed without updating ICA may miss out on this.

Do go to the ATM/website by 25 June 2007 so that we can receive the monies by 1 July 2007. If you are using the hardcopy forms, you need to submit it by 15 June 2007 to receive your monies early. This is important because of time-value of money. Money received on 1 July 2007 can be deposited into time deposits/treasury bills to earn at least 2% return until 31 December 2007 deadline for submission of the claims for GST offset package.

Be smart and claim your entitlement now!