Singapore Budget 2020 highlights

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

Source : https://www.theedgemarkets.com/article/singapore-budget-2020-highlights

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