SINGAPORE (Reuters) – The following are some highlights from Singapore’s budget proposals, which put emphasis on measures to tackle the impact of the coronavirus on jobs and living costs. Finance Minister Heng Swee Keat delivered the budget speech to Parliament on Tuesday. The budget plan comes days after Singapore cut its forecasts for growth and exports in 2020. SPECIAL PACKAGES WITH TOTAL BUDGET OF S$5.6 BLN — Proposes two special packages worth a total S$5.6 billion ($4 billion) to help the economy and support workers and households — Proposes Jobs Support Scheme to help companies retain their local workers. For every local worker in employment, 8% of the wages will be offset, up to a monthly cap of S$3,600 for three months — A separate scheme involves an S$800 million package to fight and contain coronavirus, mainly through additional healthcare funding — BIG BUDGET DEFICIT Expects an overall budget deficit of S$10.9 billion, or 2.1% of GDP, in FY2020, the highest since at least 2005. It estimated a deficit of S$1.7 billion, or 0.3% of GDP, in FY2019. CORPORATE TAX REBATES — To grant corporate income tax rebates for 2020, at the rate of 25% of tax payable, capped at… Read full this story
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