Singapore Budget 2020
Deputy Prime Minister Heng Swee Keat has set forth an expansionary Budget 2020. The goal was amongst others to provide a sizeable fiscal boost to the economy to counter the negative impact of the outbreak of the COVID-19, helping businesses, workers and students by giving vouchers, cash payouts, bursaries and (re-)training arrangements to facilitate all to enjoy a better tomorrow.
WHAT YOU NEED TO KNOW
The measures are bold, and the Deputy Prime Minister has not shied away from looking at a budget for FY2020 resulting in one with an S$10.9 billion deficit. This deficit is the largest in close to 20 years! That said, there is no need to draw down on past reserves as there have been sufficient surpluses from the last five years. The Budget has not stopped short at looking at addressing the impact of the virus outbreak in the short term but is inclusive of measures that support the bigger picture in the long run, including investing in ‘education’ of youth, training of the workforce and a sustainable environment.
Here’s a link to download our overview of the tax measures of the budget announcement that you may want to know more about: