Budget 2020 news alert
The Minister for Finance, Mr. Heng Swee Keat, delivered the Singapore Budget for financial year (FY) 1 April 2020 to 31 March 2021 in Parliament on 18 February 2020.
Singapore’s economy grew by 0.7% in 2019, the lowest in a decade. With the COVID-19 virus outbreak and ensuing impact on global economies as well as continued structural shifts around the world, the Ministry of Trade and Industry has downgraded the year 2020’s growth forecast from between 0.5% and 2.5% to between -0.5% and 1.5%.
Budget 2020 introduces temporary measures, including a S$4b Stabilisation and Support Package aimed at providing support to workers and enterprises to allay their immediate concerns regarding the slowdown in the economy, as well as a S$1.6b Care and Support Package to help families and households with the cost of living.
Budget 2020 also aims to prepare Singapore to seize new opportunities amid broader short-term uncertainties and longer-term structural changes, and continue her march towards becoming a Global-Asia node of technology, innovation and enterprise.
This alert summarises the key tax measures impacting businesses.