Singapore Budget 2020

19 February, 2020


We have summarized the initiatives for businesses in the recent Singapore 2020 Budget announcement by Finance Minister, Mr Heng Swee Keat. More details for the grants and assistance schemes will be announced soon.



STABILISATION & SUPPORT PACKAGE

Helping Industry Sectors Hit by COVID-19

 

- Temporary Bridging Loan Programme for cash flow support

- Up to 30% Property Tax Rebate for 2020

 

- Rebates on aircraft landing and parking charges, assistance to ground handlers

- Rental Rebates for shops and cargo agents at Changi Airport

 

- One-month rental waiver for those in Government hawker centres

 

 - Half-month rental waiver for qualifying commercial tenants in Government-managed properties

 

- Point-to-Point Support Package for taxi and private hire car drivers 

 

Providing Support for Jobs, Wage Increases and Skills

 

- Jobs Support Scheme to provide one-off wage support to help enterprises retain their local workers

- Wage Credit Scheme enhanced to support wage increases for Singaporean workers 

- Adopt and Grow redeployment programmes enhanced to support enterprises to retain and reskill local workers

 

Cash Flow Support for Enterprises

 

- Enhanced Enterprise Financing Scheme - SME Working Capital Loan to provide temporary cash flow support

- Corporate Income Tax Rebate for YA2020 at 25% of tax payable, capped at $15,000 per company

 

DRIVING GROWTH, TRANSFORMING ENTERPRISES

Enterprise Grow Package

- Launch GoBusiness, a single touchpoint for G2B transactions

- SMEs Go Digital Programme expanded to drive greater adoption of digital technology

- Market Readiness Assistance (MRA) enhanced to help more enterprises enter new markets

 

Enterprise Transform Package

- New Enterprise Leadership for Transformation Programme to strengthen leadership capabilities in enterprises

- Scale up reach of Enterprise Development Grant to support more enterprises to transform

 

BOOSTING EMPLOYMENT FOR ALL

Next Bound of SkillsFuture

 

SkillsFuture Mid-Career Support Package

 

Senior Worker Support Package