Singapore Budget 2020 — GC Tax Services

On 18 February 2020, Deputy Prime Minister and Minister for Finance, Mr Heng Swee Keat delivered the Singapore Budget 2020.

With the Covid-19 outbreak, both the global economy and local businesses are currently experiencing difficult times. The economic environment is filled with uncertainty as no one can predict the outbreak's duration.

This much anticipated Budget sets out various reliefs and support packages to help cushion the impact of such challenging times. It addresses Singaporeans' immediate concerns through the Stabilisation and Support Package for businesses and the Care and Support Package for Singaporean households. Individuals can look forward to SkillsFuture Credit top-up and some of us will receive a one-off cash payout of up to $300.

It is most appropriate that GST will remain at 7% for now and in 2021, although the planned increase to 9% will still take place by 2025. To this, the Budget has prepared the Assurance Package for GST ready to be rolled out when the GST increases takes effect sometime from 2022 to 2025.

"Our biggest asset is our exceptional people." This statement in Budget 2020 stood out to me as I am thankful for the sound and prudent discretion that our leaders, past and present, have exercised in accumulating reserves. We can now swiftly roll out temporary support measures and still have the capacity to plan and cater for our future.

In this write up, I provide an update on certain Tax changes that are relevant for small and medium companies. I hope you will find the information useful.

Best regards

Genevieve

Tax Changes and How It May Impact You & Your Business

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