Singapore Budget 2020

As the global economy worsened amidst the Covid-19 outbreak, governments around the world have been implementing stimulus packages in a bid to jumpstart and keep their country’s economy afloat.

The Singapore Government announced the first Covid-19 stimulus package in Parliament, entitled the Unity Budget, to the tune of S$6.4 billion during the Singapore Budget 2020 on 18 February 2020. On 26 March 2020, Deputy Prime Minister and Minister for Finance Heng Swee Keat announced the second Covid-19 stimulus package entitled the Resilience Budget worth S$48.4 billion to help businesses, workers, and families dealing with the fallout from Covid-19. An additional supplementary Solidarity Budget worth S$5.1 billion was announced on 6 April 2020, which will further help families tide through the Circuit Breaker phase. Altogether, Singapore will be committing S$59.9 billion, or about 12 per cent of gross domestic product, for this battle against the pandemic.

Presented by Ernst & Young leaders, Mrs Chung-Sim Siew Moon (Asia-Pacific Tax Policy and Controversy Leader, Partner) and Chai Wai Fook (Asean Government and Public Sector Tax Leader, Partner), the Institute saw over 60 participants registered for the live webinar, “Singapore Budget 2020” on 30 April 2020 to learn more about the measures introduced in the Unity Budget, Resilience Budget and Solidarity Budget and how corporates can leverage them during this unprecedented time.