A supplemental budget called the “Resilience Budget” worth more than S$48 billion will be helping businesses hit by the coronavirus pandemic. This was announced by Deputy Prime Minister Heng Swee Keat on Thursday (March 26).
The key measures are:
- Help with property and income taxes
- Rent waivers enhanced
- Million-dollar packages for worst-hit sectors
- More help in loans for small and medium-sized enterprises (SMEs)
With regards to property:
- Restaurants, shops, hotels and tourist attractions will pay no property tax for 2020.
- Businesses in other non-residential properties – like offices or industrial properties – will get a 30% property tax rebate.
- Income tax payments will be deferred for three months for firms and self-employed persons, with no application required.
- Public agencies, including the Housing Board and National Arts Council, will waive rent for eligible tenants for two months, up from half a month set out earlier.
Source: The Straits Times
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