Singapore’s government has provided an array of fiscal and non-fiscal incentives to help businesses reduce their overhead costs during the pandemic.
The government is expected to draw on S$53.7 billion (US$40 billion) from its reserves for this year and an additional S24 billion (US$17.8 billion) over the next three years to assist local companies transition into a post-pandemic business environment.
Moreover, the government has decided to delay the increase in the goods and sales tax (GST) for 2021 in addition to developing programs to assist businesses to accelerate their digital transformation.
The JSS program was launched in 2020 to offset local employees’ wages and protect jobs.
Under this scheme, the government co-funds a portion of the first S$4,600 (US$3,428) of an employee’s gross monthly wages. The co-funding varies between sectors.
Firms are classified into different tier…
