The Singapore government has implemented many legislative changes, grants, incentives, and extensions to ease the strain on business. The following are the current benefits offered.
Jobs Support Scheme
Enterprises will receive an 8% rebate on wages to help retain their local workers. It will be issued in July 2020 for up to $3,600 per employee per month, for three months.
Wage Credit Scheme
The wage credit scheme has increased the ceiling per worker to $5,000 with an increased government co-funding level of 20%.
Corporate Income Tax Rebate
The government will issue a 25% rebate on tax payable, up to a maximum of $15,000 per company.
Property Tax Rebate
Companies owning non-residential properties will receive a property tax rebate of up to 100%, for the property tax payable in 2020.
The government has introduced new and enhanced funding opportunities. These include the new Temporary Bridging Loan Programme (TBLP) and the enhanced Enterprise Financing Scheme – SME Working Capital Loan (EFS WCL), Enterprise Financing Scheme – Trade Loan (EFS TL), Loan Insurance Scheme, and Section 13H and the Fund Management Incentive.
Tax Deadline Extension
The income tax filing date for sole proprietorship and partnerships has been extended until May 31, 2020.
Estimated Chargeable Income Filing Extension
Companies with a financial year ending January 2020 or February 2020 now have until June 30, 2020 to declare their Estimated Chargeable Income (ECI).
GST Return Date Extension
The filing date for GST returns for the period ending March 2020 has been extended until May 11, 2020.
Withholding Tax Forms Extension
The S45 Withholding Tax Forms due April 15, 2020 have been extended to May 15, 2020.
Tax Clearances for Foreign Employees Extension
Employers who are required to seek tax clearance for their employees in the months of April and May 2020 will be given up to June 30, 2020 to file Form IR21.
Singapore Tourism Board Initiatives
The Singapore Tourism Board has announced several initiatives, including specific measures for travel agents to ease cash-flow concerns.
While this information is correct at the date of publishing, we recommend you contact us for assistance. We are here to help you navigate these new various legislative changes, grants, and incentives and the impact they may have on your business.