Singapore Budget 2020
Deputy Prime Minister and Minister for Finance Heng Swee Keat delivered the Singapore Government’s Budget Statement for Financial Year 2020 in Parliament on Tue, 18 February 2020.
The Government’s immediate concern is to protect Singaporeans from the risk of a further spread of the COVID-19 virus. $800 million will be set aside for the Ministry of Health and other ministries to respond to this outbreak. Concurrently, there are concerns on the economy and jobs. A $4 billion Stabilisation and Support Package will help workers and enterprises weather near-term economic uncertainties.
For details of these and other announcements from the Budget visit the official webpage https://www.singaporebudget.gov.sg/budget_2020.
A selection of official responses to the Budget from member companies
“Just like in Goldilocks and the Three Bears, DPM is trying to find a 'not too hot not too cold' Budget that finds balance between short term needs and necessary longer term measures. It addresses the COVID-19 impact to preserve jobs and sustain businesses through cash relief, tax rebates and the like. The bulk of the measures announced are to prepare Singapore for longer term transformation: new skills, deepening capabilities across a broad spectrum of the Singapore workforce and helping local enterprises.”
- Chris Woo, Tax Leader, Tax Leader, PwC Singapore
“Tourism, aviation, and point to point logistics sectors period for upskilling will be extended from 3 months to 6 months. This is likely to help the affected cruise centres, airlines and others to prepare and keep their workforce ready for the upturn. In addition, property tax rebates for cruise centres, Changi Airport and other tourism related infrastructure will ease the burden felt by these businesses who are already seeing very low tourist numbers.”
- Mark Rathbone, Asia-Pacific Capital Projects Infrastructure Leader, PwC Singapore
“In the ongoing march towards internationalization, the Government’s announcement to allocate funds under the Market Readiness Assistance Grant to help local SMEs obtain FTA advisory support to expand their business overseas will allow companies to enter new frontiers both regionally and globally. This will help businesses who are today already in markets outside Singapore but wish to expand into more markets, and new entrants to the overseas markets space. Following efforts announced in Budget 2019 towards enabling Singapore to play its part in combating climate change and to ensure sovereignty and existence for future generations, Budget 2020 has introduced more concrete goodies. The rebates of up to 45% on additional registration fees and reduction in road tax may just be what consumers need to tip the scale in terms of abandoning traditional ICEs in favour of hybrids and EVs!”
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