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Tax rebates and incentives announced in the Singapore Budget for aiding business growth

Corporate Tax benefits offered to the companies for stabilizing the economy

Tax rebates and incentives announced in the Singapore Budget for aiding business growth

  

With Singapore still tackling COVID-19, the Budget Statement was delivered in the Parliament by Finance Minister and Deputy Prime Minister, Mr. Heng Swee Keat, on February 18, 2020.

The changes in the tax structure seen this year are nothing groundbreaking, but it still reflects the values held by Singapore during these times of global structural shift and economic uncertainties. Because of the headwinds being faced by the country, several tax measures introduced this year aim at stabilizing the economy and supporting the businesses. In the international front, the country is well-poised to benefit from the geopolitical changes. There have been several refinements, enhancements, and extensions of tax schemes to make Singapore one of the prime financial hubs all over the world. However, the basic tax structure remains the same as the government believes it to be competitive enough and well-suited for Doing Business in Singapore.

Some of the notable highlights, regarding taxes, in the current budget are given below.


  

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