ECHTUAL Accounting Firm in Singapore
ECHTUAL Accounting Firm in Singapore
  • Home
  • About
  • Advisory
    • Digital Financial Officer
  • Compliance
  • Assurance
    • Audit services
    • Business Valuation Service
  • Cloud Accounting
  • News
  • Careers
  • Contact
  • Home
  • About
  • Advisory
    • Digital Financial Officer
  • Compliance
  • Assurance
    • Audit services
    • Business Valuation Service
  • Cloud Accounting
  • News
  • Careers
  • Contact

Singapore's "Unity" Budget 2020

19/2/2020

0 Comments

 
On the back of an economic slow-down made worse by the Covid-19 virus epidemic, this year's budget was highly expected to give a significant boost to the ailing Singapore economy. ​And with the largest budget deficit in ten years of S$10.9B, it can be said that this was what it sought out to do.

A summary of the measures can be found in the table below (source : Ministry of Finance) :
Singapore 2020 Budget Summary
Singapore 2020 Budget Summary
Apart from the belated "ang bao" ($100-$300 cash) to every Singaporean,the following three initiatives in the Budget are of the greatest impact to businesses:
​
1. Sending Coal In The Midst of Harsh Winter (雪中送炭)
The businesses hit by the ongoing epidemic are largely in tourism, food & beverage and transport industries. So it is heartening to see the Budget giving relief to these sectors through the following measures :​
Stabilisation & Support Package Budget 2020
Stabilisation & Support Package Budget 2020
Although rental and property tax rebates does not seem like much compared to an outright cash rebate, it is still some measure of relief to affected businesses..​​

2. Other Band Aids
There are also other measures tailored to support workers and enterprises :
  • Jobs Support Scheme - one-off 8% wage support to help enterprises retain local workers
  • Wage Credit Schemes enhanced and extended to help businesses help their workers
  • Adapt and Grow redevelopment programmes to help businesses retain and reskill local workers
  • Temporary cash flow support through enhanced SME Working Capital Loans
  • 25% Corporate Income Tax Rebate for YA2020, capped at $15,000.

These measures are also expected to help alleviate cash flow issues faced by businesses.

3. Seizing Opportunities
Chinese believe that there is opportunity in a crisis ("危机") and Singapore is sizing up opportunities arising from the following trends :
  • De-globalisation
  • Global economic pivot to Asia
  • Advancement of Digital Age
These measures in this year's Budget will help Singapore to be ready when the opportunities avail themselves :
  • SMEs Go Digital programme to drive greater adoption of digital technology
  • Enhanced Market Readiness Assistance to help more enterprises enter new markets
  • Additional $500 - $1,000 Skills Future Credit top-up 

While it's true that some of the measures are not as significant when compared to those implemented during the SARS crisis, this is a reflection that the current crisis is not considered to be as bad as SARS, Should this not be the case, the G has reserved enough gas in the tank to implement more measures.
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Curator

    Echtual

    Archives

    December 2024
    November 2024
    May 2024
    February 2024
    December 2023
    October 2023
    July 2023
    May 2023
    January 2023
    December 2022
    September 2022
    April 2022
    January 2022
    December 2021
    November 2021
    August 2021
    July 2021
    June 2021
    March 2021
    February 2021
    December 2020
    July 2020
    February 2020
    December 2019
    November 2019
    October 2019
    July 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    March 2017
    February 2017
    January 2017
    December 2016
    October 2016
    September 2016
    July 2016
    June 2016

    Categories

    All
    General
    News

    RSS Feed

About

Advisory

Compliance

Assurance

Contact

QuickBooks Certified ProAdvisor
Accounting firms in Singapore
Accounting firms in Singapore
Xero Silver Partner Certified Advisor
实际会计师事务所有限公司
Copyright © 2016 // ECHTUAL​® 
5 Temasek Boulevard #17-131 Suntec Tower 5 Singapore 038985
t: +65 6513 5871