Singapore Fortitude Budget 2020- Supplementary Budget In Response To COVID-19 - Nexia TS
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Singapore Fortitude Budget 2020 – Supplementary Budget In Response To COVID-19
Singapore Fortitude Budget 2020
ENHANCED SUPPORT FOR BUSINESSES & SELF-EMPLOYED
Deputy Prime Minister and Minister for Finance Heng Swee Keat delivered a Ministerial Statement
in Parliament on Tue 26 May 2020, outlining the Government's plans in our continuing fight against
the COVID-19 pandemic.
The Government will devote $33 billion in Singapore’s supplementary Fortitude Budget to provide
continued assistance for affected businesses and workers to enable them to adapt, transform and
seize new opportunities to emerge stronger. Among the key measures, the Government will:
• Further strengthen support for businesses to reopen safely after the circuit breaker lifts
by focusing on the 3Cs – cash, costs, and credit.
• The Emerging Stronger Taskforce will work with the Future Economy Council to study how
sectors can adjust to the upcoming changes.
• Build on the momentum of digital transformation.
• Launch the SGUnited Jobs and Skills Package to create jobs, traineeships and skills
training.
• Expand hiring incentives to cover workers of all ages.
1Rebates, Deferrals & Waivers
• Corporate Income Tax rebate for YA2020
• Push back income tax payments for 3 months
- Companies pay income tax for financial year 2019 profits from Jul 2020 instead of Apr 2020
- SEPs pay income tax for income earned in 2019 from Aug 2020 instead of May 2020
• Property Tax rebate for non-residential properties for 2020
• UPDATED: Rental relief for SME tenants, and Government tenants in 2020
• UPDATED: Waive 100% of Foreign Worker Levy (FWL) due in Apr, May and Jun 2020; 50%
in Jul 2020#
• UPDATED: FWL rebate of $750 for each Work Permit or S Pass holder in Apr, May and Jun
2020; $375 in Jul 2020
• NEW: Defer planned increase in CPF contribution rates for senior workers from 1 Jan 2021
to 1 Jan 2022
# FWL Levy and rebate for Jun and Jul 2020 are only for businesses that cannot re-open
New Schemes
• UPDATED: Jobs Support Scheme (JSS) extended till Aug 2020, with enhancements for
specific sectors
• UPDATED: Enhanced Hiring Incentive
• Temporary Bridging Loan Programme
• SEP^ Income Relief Scheme (SIRS)
• SEP Training Support Scheme
• Support for e-payments
• Digital Resilience Bonus
^ SEP: Self-Employed Person
Enhancements to Existing Schemes
• Absentee payroll
• Enterprise Development Grant
• Productivity Solutions Grant
• SMEs Go Digital
• Loan Insurance Scheme
• Enterprise Financing Scheme — SME Working Capital Loan
2• Enterprise Financing Scheme — Trade Loan
• SEP Training Support Scheme
• Wage Credit Scheme (WCS)
April
• 1st JSS payout
• FWL waiver and rebate
May
• 1st SIRS payout
• JSS special payout for May wages
• FWL waiver and rebate
June
• Enhanced WCS payout
• FWL waiver and rebate
July
• 2nd JSS payout
• 2nd SIRS payout
• FWL waiver and rebate
• Rental relief for SMEs
September
• Special Employment Credit payout
October
• 3rd JSS payout (with payout for Aug 2020 wages)
• 3rd SIRS payout
3Contact Us for A Discussion
Our tax specialists can assist you and your business:
Edwin Leow
Director, Head of Tax
edwinleow@nexiats.com.sg
Koy Su Hiang
Tax Associate Director
koysuhiang@nexiats.com.sg
Shaun Zheng
Tax Associate Director
shaunzheng@nexiats.com.sg
Jennifer Lee
Tax Associate Director
jenniferlee@nexiats.com.sg
Vincent Pang
Tax Manager
vincentpang@nexiats.com.sg
Gareth Goh
Tax Manager
garethgoh@nexiats.com.sg
We have taken great care to ensure the accuracy of this publication. However, the publication is written in general terms
and you are strongly recommended to seek specific advice before taking any action based on the information it contains.
No responsibility can be taken for any loss arising from action taken or refrained from based on this publication.
©2020 Nexia TS Singapore.
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