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THE 2008 revision in the Annual Value (AV) of properties announced by the Inland Revenue Authority of Singapore (Iras) will not affect the amount of GST Credits and Senior Citizens' Bonus (SCB) to be paid out in 2009 for most Singaporeans.
The GST Credits and SCB are given out over four years from 2007 to 2010, as part of the GST Offset Package.
The package is to help Singaporeans cope with the two-percentage-point increase in GST that took effect on July 1.
The amounts given to a citizen in a year are determined by the AV of the person's house and his assessable income in the previous year.
As announced by Iras on Monday, annual values will be raised for all HDB flat types from next year.
But this will not affect the GST Credits and SCB that Singaporeans will receive.
Those with the same NRIC addresses and income will receive the same amount of GST Credits and SCB in 2009.
But for those who have shifted home, the amount paid to them will be adjusted accordingly.
The lower annual value cut-off will be raised from $5,000 to $6,000, which would cover all one to three-room HDB flats.
The higher annual value cut-off will be raised from $10,000 to $11,000, which would cover all four-room, five-room, executive HDB flats and some private properties.
The new cut-offs will apply to those receiving their GST Credits for the first time in 2009.
Singaporeans have up to Dec 31 to sign up for their 2007 GST Credits and SCB.
As of Nov 11, 95 per cent of eligible Singaporeans have done so, with over $600 million claimed.
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