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.
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