Zoom in on rising healthcare costs in 2015 budget, Deloitte urges policy makers

The child relief quantum should also be increased.

The government should focus on enhancing personal tax regimes in the 2015 budget, according to Deloitte Singapore’s budget wish list.

Deloitte notes that the quantum of child relief should be increased to $8,000 as the current child relief accorded may not adequately address the financial burden that most parents face.

Deloitte also urged policy makers to allow tax relief for a resident’s own or dependents’ medical or hospitalisation insurance. Such a move will help residents grapple with higher healthcare costs and take greater ownership of their families’ health.

“Any additional relief will be appreciated by Singaporeans. We believe that the personal tax suggestions will help most Singaporeans and enable them to reap the rewards of our country’s growth,” said Low Hwee Chua, Partner and Head of Tax Services at Deloitte Singapore and Southeast Asia.