Help Businesses Overcome Immediate Challenges
Assistance with Income and Property Taxes
- * No property tax in 2020 for shops, hotels, restaurants, and tourist attractions.
- * Integrated resorts will receive a 60% property tax rebate
- * Businesses in non-residential properties, e.g. offices, will receive a 30 per cent rebate on their property tax.
- * Firms and self-employed people will have their income tax payments deferred for three months. No application process is needed.
Increased Rental Waivers
- * Public agencies will waive rent for eligible tenants for two months.
- * Hawkers administered by the National Environment Agency will have three months rent waived.
Strengthen Economic and Social Resilience
Helping Companies to Be More Resilient
- * Trade Associations and chambers or business groups will have their SG Together Enhancing Enterprise Resilience programme matching rate doubled from $1 for every $4 to $1 for every $2.
- * Support levels for the Productivity Solutions Grant will be raised to 80 per cent until the end of 2020.
- * Support levels for the Enterprise Development Grant will be raised to 90 per cent until the end of 2020.
Training Support Expansion
- * Enhanced training support will be expanded to the land transport and arts and culture sectors from April 1st.
- * The 90 per cent absentee payroll rate to help employers with cash flow will be extended to all employers from May 1st.
- * Students will be able to access their $500 SkillsFuture credit from April 1st, instead of October.
Co-Funding for COVID-19 Cleanup
The Government will co-fund business to help get professional cleaning services if they have had confirmed Covid-19 cases.
Conclusion
These are trying times not just for businesses, but for the people and families who form them. While there is significant reassurance thanks to a strong government response, you might still need assistance in finding the right solution for your situation.
Our experienced team at Rikvin consists of qualified accountants, bankers and insurance brokers who can help you navigate the current landscape.
If you have any questions about how your business can forward with the Covid-19 outbreak, please do contact us — it’s both our job and pleasure to assist.
Read more about Singapore's COVID-19 Resilience Budget at Rikvin.com.
