In view of the current economic conditions, the Government will provide calibrated measures to address cyclical headwinds while supporting firms to seize opportunities and press on with restructuring. Extend the Double Tax Deduction for Internationalisation scheme, till 31 March 2020. To support companies to automate, drive productivity and scale up, the Government will introduce a new Automation Support Package for a period of 3 years. With the enhancement of the M&A allowance rate to 25% as announced in Budget 2015, companies can now enjoy up to $10 million of M&A tax allowances per YA. Measures for Businesses. Revenue and Expenditure. To forge closer partnerships, and enable public officers to better understand the needs of our enterprises, the Government will also second up to 20 public officers over the next five years to interested TACs as part of the LEAD-Plus programme. Confused by the list of acronyms, financial jargon and terms? 5 things to expect from Budget 2016, Budget A-Z: A guide to tackling Budget jargon. As we seek to transform enterprises and industries through the Industry Transformation Programme, the Government will provide support for our people to adjust to change and seize new opportunities. Budget … Analysing the 2016 Budget Statement. Singapore Budget 2016. The SEC will be up to 5% for workers aged 60 to 64 and up to 3% for those aged 55 to 59. System specifications required for iPhone and iPad users, System specifications required for Android users. The measures include wage support, waiver of … The SME Working Capital Loan will be available for three years, starting from 2016. SPRING will also work with the Federation of Merchants’ Associations Singapore and local merchant associations to strengthen their capabilities to support heartland businesses. SINGAPORE - On March 24, Finance Minister Heng Swee Keat will deliver his maiden Budget, also the first in the new Government's term in office. Overall Budget Balance. (Refer to Table 1). Budget Summary . The increased support will cost an additional $180 million over 2 years. Singapore's government announced an additional stimulus plan worth S$5.1 billion on April 6th to combat the coronavirus pandemic, just over a week after a huge support package was unveiled as the country braces for its worst recession. Measures for Households. This page contains a selection of documents on Budget 2016, where you will be able to find out more about the various measures announced during the Budget. Here's a look at the finance ministers before him. Analysis of Revenue and Expenditure. To provide more support for our SMEs to scale up, the Government will: To encourage our SMEs to internationalise, the Government will: The Government will develop a one-stop trade information management system called the National Trade Platform to support firms, particularly those in the logistics and trade finance sectors. Measures for Households. IE Singapore and SPRING will partner businesses where appropriate to access overseas markets, Expand the SME Mezzanine Growth Fund from the current fund size of $100 million to $150 million. This covers qualifying expenses incurred for activities such as participation in overseas business development and investment study trips. The higher percentage rebate is targeted at SMEs. Here's a guide on "decoding" the Budget speech. System specifications required to view video: Video courtesy of Parliament of Singapore, Best viewed using IE 11, Firefox 27, Chrome 22, and Safari 7 and above, screen resolution 1024 x 768, About This Site | Contact Info | Feedback | Sitemap, This video is supported on most major Android phone brands. The portal will start with grants from IE Singapore, SPRING, STB and Design Singapore and progressively include grants from other Government agencies. The Government will make available over $450 million over the next 3 years under the National Robotics Programme to support robotics development and deployment across sectors such as Healthcare, Construction, Manufacturing and Logistics. Budget in Brief. This will be developed as an open innovation platform to enable other service providers to develop value-added services and apps for the system. Heng Swee Keat to present Budget 2016: Who were the finance ministers before him? Will there be 'hongbao'? Employers with Singaporean workers aged 65 and above will continue to receive a wage offset of up to 8%. No. Revenue and Expenditure Estimates. This is in addition to the wage offset of 3% for the re-employment of workers aged 65 and above till the re-employment age is raised in 2017. Social development spending made up almost half of the Government's expenditure for 2015, while a large portion of the operating revenue came from corporate income tax. Offshore and marine SMEs batten down the hatches, 'Keep calm and carry on' as Singapore economy slows, Manufacturing to get boost from 3D printing, Singapore's financial services sector resilient amid new challenges, Manufacturing firms seek value creation to stay viable, Firms switching strategies in slower market, The Singapore Budget and Finance Ministers through the years. (D3) Jurong Innovation District: To create an open and innovative urban environment, the Government will launch the Jurong Innovation District, which will bring together learning, innovation, research, and production to create products and services of the future. Singapore Budget 2016 - Measures For Businesses (A) Addressing Near-Term Concerns In view of the current economic conditions, the Government will provide calibrated measures to address cyclical headwinds while supporting firms to seize opportunities and press on with restructuring. US stocks end best week in months with muted session. Budget Speech. Budget Debate Round-Up Speech. SG-Innovate will match budding entrepreneurs with mentors, introduce them to venture capital firms, help them to access talent in research institutes, and open up new markets. (D2) SG-Innovate: To promote start-ups in new and existing industries, the Government will set up a new entity called “SG-Innovate”.
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