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.