Singapore’s Finance Minister Mr Heng Swee Kiat, announced Budget 2017 last February. “Innovation”, “Partnership” and “Adaptability” are some of the buzzwords used in his speech.
To encourage an innovative economy, the Minister emphasized on the need to build capabilities and establish partnerships. It is also important that businesses embrace technology, citing businesses as the ‘heart of vibrant economics’. We have extracted some key figures that may have an impact on you and your current and/or future business here in Singapore.
SME Working Capital Loan to be available for the next 2 years. This SME Working Capital Loan was introduced in June 2016 aiming to help local enterprises access unsecured working capital financing in a period of slow economic growth.
For more information: visit SPRING Singapore
Corporate Income Tax Rebates cap raised from S$20,000 to S$25,000 for YA 2017 and extended to YA2018 at a reduced rate of 20% capped at S$10,000. (Current rebate remains at 50% of tax payable)
A rebate of 20% or Personal Income Tax capped at $500 will be granted to all resident individuals for YA2017.
For more information, IRAS
For more information, you may refer to the Singapore Budget 2017 website, where you will be able to view the full budget statement, the full speech video, and access by Budget statements.
