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:
Deputy Prime Minister Heng Swee Keat has today on the 26th March 2020, in addition to the Unity Budget presented on 18 February 2020, announced an additional set of measures known as Singapore’s Resilience Budget. This supplementary budget is valued at S$48.4 billion. It is intended as a bulwark and provides support measures to taxpayers and citizens against the brutal impact from the global coronavirus...
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