Budget 2016 is Singapore’s masterplan for sustainable growth, focusing on developments and investments to ensure that its economy remains competitive and relevant in the global economy. Even though the budget lays down the plans for the economy to ensure it sustains to the next 50 years, Finance Minister, Mr Heng Swee Keat went on to address short and near term issues as well.Budget 2016 is Singapore’s masterplan for sustainable growth, focusing on developments and investments to ensure that its economy remains competitive and relevant in the global economy. Even though the budget lays down the plans for the economy to ensure it sustains to the next 50 years, Finance Minister, Mr Heng Swee Keat went on to address short and near term issues as well.
Much of the Budget addresses the need to enhance partnerships between government agencies, enterprises, trade associations and chambers (TACs) and unions. At the same time, Budget 2016 presented measures to help the economy restructure and grow domestically yet at the same time equipping it to compete internationally.
Below are some points to take-away from Singapore Budget 2016.
Below are some points to take-away from Singapore Budget 2016.
 | Tax Rebate for Corporate Income to Increase Tax Rebate for Corporate Income to Increase from 30% to 50% of tax payable for YA2016 and YA2017, with a cap of S$20,000/YA. |
 | SME Loan Assistance The new SME Working Capital Loan Scheme will help businesses to secure loans of up to S$300,000 from banks by sharing 50% of the default risk from such bank loans. |
 | SG-Innovate The new initiative promotes start-ups, giving them the opportunity to be exposed to venture capital firms and similar entrepreneurs. |
 | Enhance Double Tax Deduction (DTD) Scheme The DTD for Internationalisation scheme will be extended. |
 | Business Grants Portal A centralised Business Grants Portal to be launched by the last quarter of 2016, will bring together schemes from different agencies, and help companies identify grants and schemes relevant to them. |
 | Mezzanine Growth Fund An alternative financing option for SMEs will grow from S$100 million to S$150 million |
For more details on the above measures as well as to find out more on other key announcements not mentioned here, kindly visit the Singapore Budget 2016 website (http://www.singaporebudget.gov.sg/budget_2016/home.aspx)
It is the vision of Singapore’s economy to remain competitive and relevant in today’s globalised world; and at the same time to be an economy that involves everyone to participate and contribute to.
It is the vision of Singapore’s economy to remain competitive and relevant in today’s globalised world; and at the same time to be an economy that involves everyone to participate and contribute to.
