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12.00pm to 1.00pm
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On 18 February 2020, against the backdrop of uncertain times and the COVID-19 outbreak, Singapore announced its Unity Budget. While there are special measures to help businesses and individuals tide over these trying times, the Government remains laser-focused on gearing its economy and preparing the people for the future.
Since the delivery of the Unity Budget in Parliament on 18 February 2020, the COVID-19 outbreak has escalated into a global pandemic. As an open economy and Asian hub, Singapore is on the front-line. Her economy contracted by 2.2% on a year-on-year basis in the first quarter of 2020, reversing the 1.0% growth in the preceding quarter. The Ministry of Trade and Industry has further downgraded the year 2020’s growth forecast to between -1.0% and -4.0%.
To meet these challenging times, a supplementary budget (Resilience Budget) with measures worth S$48b has been introduced to support Singaporeans and businesses. This is in addition to the S$6.4b committed earlier in the Unity Budget. Altogether, S$55b, amounting to 11.0% of Singapore’s GDP, will be dedicated to enable Singapore to weather this unprecedented situation.
Join us to learn more about the measures introduced in the Unity Budget and Resilience Budget and how corporates can leverage them during this unprecedented time.
About the Speakers
Mrs. Chung-Sim Siew Moon
Mrs Chung-Sim Siew Moon has over 35 years of tax experience. She works with multinationals as well as local clients on tax compliance, controversy and advisory matters. She is also the EY Asia-Pacific Tax Policy and Controversy Leader. In this role, Siew Moon works across all tax services, in particular with the EY tax policy and controversy professionals across the Asia-Pacific and globally. In working with the global tax controversy network, she helps clients to prevent, manage and resolve their tax controversies. She also works with the EY global tax policy network to help develop and implement policy initiatives.
Siew Moon graduated from the National University of Singapore with a Bachelor of Accountancy (First Class Honours) degree. She is a Fellow Chartered Accountant of the Institute of Singapore Chartered Accountants (ISCA), a Fellow CPA of CPA Australia, and an Accredited Tax Advisor from the Singapore Institute of Accredited Tax Professionals.
Mr. Chai Wai Fook
Mr. Chai Wai Fook has over 25 years of tax experience in serving both multinational and local clients. Apart from advising clients on corporate tax compliance, Wai Fook is also actively involved in negotiating with the IRAS on tax rulings and assisting clients with corporate tax planning for outbound and inbound investments, assisting clients on tax accounting and training on tax treatment
Wai Fook graduated from Nanyang Technological University of Singapore with a Bachelor degree in Accountancy (First Class Honours). He is a member of the Institute of Singapore Chartered Accountants (ISCA) and Singapore Institute of Accredited Tax Professionals Limited (SIATP). Wai Fook is also a member of the Taxation Levies Committee of SIATP.
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