Knowledge Highlights 21 November 2024
Covid-19 relief: Tax and support measures in Singapore
On 26 March 2020, Singapore Deputy Prime Minister and Minister for Finance Heng Swee Keat unveiled the Supplementary Budget 2020, known as Singapore’s Resilience Budget. The Resilience Budget complements the Unity Budget presented on 18 February 2020, and addresses the rapidly evolving Covid-19 situation and the impact on Singapore’s economy and society. Relief measures were announced to help businesses overcome the immediate challenges presented by the Covid-19 crisis; most importantly, to address the cash flow, cost and credit concerns of businesses including:
- Automatic deferment of income tax payments
- Property tax rebates for non-residential properties
- Rental waivers for tenants in government-owned / managed non-residential facilities
- Enhancing financing and grant schemes
- Enhancements to sector-specific support
- Enhancing Jobs Support Scheme
- Upcoming measures on contractual and loan obligations
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Further information
Allen & Gledhill has a Covid-19 Resource Centre on our website www.allenandgledhill.com that contains published knowhow on legal and regulatory aspects of the Covid-19 crisis.
In addition, we have a cross-disciplinary Covid-19 Legal Task Force consisting of Partners across various practice areas to provide rapid assistance. Should you have any queries, please do not hesitate to get in touch with us at covid19taskforce@allenandgledhill.com.
