S$48 billion Resilience Budget to support Singaporeans & Businesses
On 26 March 2020, three weeks after the Minister for Finance, Mr Heng Swee Keat has delivered his Budget 2020 speech, he announced the Resilience Budget.
This supplementary budget outlines a robust financial plan to address the challenges presented by the COVID-19 downturn.
Key points under this support measure for businesses aim to:
Enhanced Jobs Support Scheme (JSS)
The government will help employers by paying 25% on the first SGD 4,600 of monthly salaries, up from 8% on the first SGD 3,600 previously. JSS will be for 9 months, up from 3 months previously. JSS will support 1.9 million local employees.
Enhanced Wage Credit Scheme (WCS)
Additional SGD 500 million for employees’ wage increases, on top of SGD 600 million disbursed in March 2020.
Deferment of Income Tax Payments
Automatically defer income tax payments for 3 months, for companies due in April to June 2020.
No increase in Government Fees and Charges
No increase in government fees and charges for 1 year from 1 April 2020 to 31 March 2021.
Enhanced Property Tax Rebate for 2020
100% rebate for qualifying commercial properties, 60% rebate for the Integrated Resorts and 30% rebate for other non-residential properties.
Enhanced Rental Waivers
3 months’ rental waiver for hawkers and up to 2 months’ rental wavier for commercial and other non-residential tenants in government properties.
Sector-based support for Aviation, Tourism, Land Transport and Arts & Culture Sector
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