Singapore Budget 2020.

On 18 February, Deputy Prime Minister and Finance Minister, Heng Swee Keat, presented the Budget 2020 and as expected, the Government came out with a generous package of S$6.4 billion in response to COVID-19.

  • S$4 billion to stablilise the economy by helping businesses with cash flow and retaining workers
  • S$1.6 billion to provide timely support to families and individuals to cope with the cost of living, whereby all Singaporeans aged 21 and above will receive a one-off cash pay-out of S$300, S$200 or $100, depending on their income.
  • S$0.8 billion additional funding for government agencies on the front lines to fight the virus

Another important feature of the Budget is to defer the planned GST increment of 7% to 9% until 2021.

Apart from these, the Minister also re-affirmed the Government’s support to early childhood sector, the rapidly ageing population of 55-70+, retraining of skills and SMEs with a corporate tax rebate.

A note-worthy feature is the commitment by the Government towards climate change with a plan to phase out all vehicles with internal combustion engines by 2040.

The Budget is expected to run a deficit of S$10.9 billion (in comparison, the Budget for 2009 in response to the global financial crisis carried a deficit of S$8.7 billion; which was later revised down to S$0.82 billion).

For detailed information of the Singapore Budget 2020, please visit: https://www.singaporebudget.gov.sg/budget_2020

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