KUALA LUMPUR (Feb 18): The following are the highlights of Singapore's Budget 2020:
Singapore sets aside S$800 million to counter Covid-19, bulk goes to MoH
Two special packages worth S$5.6 billion to tackle Covid-19 impact on Singapore’s economy
Singapore has named five sectors that have been directly affected by the Covid-19 outbreak to get additional support: tourism, aviation, retail, food services, point-to-point transport services
GST to remain at 7% in 2021
Singapore has lowered its 2020 GDP growth forecasts from growth of between 0.5% and 2.5% to a contraction of between -0.5% and growth of 1.5%
15% property tax rebate for qualifying commercial properties
Temporary bridging loan programme of up to S$1 million with interest rate capped at 5% to be introduced for one year for enterprises in tourism sector, government to take up 80% of loan risk
Changi airport gets 15% property tax rebate to combat impact from Covid-19 outbreak
Another S$300 million under co-investment scheme Startup SG Equity to catalyse investment into deep-tech startups
One-month rental waiver to stallholders in National Environment Agency-managed hawker centres and markets, half-month waiver to commercial tenants of other government agencies
One-off SkillsFuture credit top-up worth S$500 for every Singaporean aged 25 and above, available from October 2020 to December 2025
Govt to maintain foreign worker levy rates for all sectors in 2020
Govt expects budget position will be more expansionary in FY20, with a larger basic deficit of S$12.3 billion
Govt expects S$1.7 billion budget deficit for 2019 or 0.3% of GDP – lower than the forecasted S$3.5 billion – on lower expenditures from unforeseen project delays
Singaporeans aged 21 and above to receive one-off cash-payout of S$100 to S$300 in 2020. Additional S$100 payout for adult Singaporeans with at least one child aged 20 years and below in 2019.
Govt expects budget deficit of S$10.9 billion or 2.1% of GDP for 2020