Guide To How SG Businesses Will Be Backed By Govt. In 2020

On the 18th of February 2020, Deputy Prime Minister and Finance Minister Heng Swee Keat presented the Singapore Budget 2020.

With the COVID-19 epidemic causing one of the weakest GDP growths this year, the Budget 2020 has been crafted in the form of a unity budget to revitalize the economy and support businesses. The Singapore Government has come up with a financial plan amounting to S$106 billion comprising of a slew of measures to back economy-wide businesses and workers. In this guide, you will be directed in-depth on how your business can benefit from the various schemes available.

The Singapore budget 2020 is woven around a few major factors like

• Stabilisation and Support package worth S$4 billion – provision of temporary cash flow support such as property tax rebates to assist sectors directly affected by COVID-19 (Tourism, Aviation, Maritime, Hawkers etc.) and a 25% corporate tax rebate for all enterprises. A focus on Jobs Support and Wage Credit Scheme has been developed to help employers in all industries in areas of offsetting employee wages and increasing wages for Singaporean workers.
• Transform & Grow package worth S$8.3 billion – launch of business platforms such as GoBusiness and e-Adviser; expansion of programmes such as Go Digital and Market Readiness Access (MRA) to help enterprises grow, transform, build stronger partnerships; and enhance capabilities of workers aged 25 and above through a one-time Skillsfuture top-up of S$500.

As a committed tax advisor to our clients, we welcome any opportunity to discuss how the new Budget will impact your business.