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The Parliament building in Singapore. Prime Minister Lawrence Wong noted in his budget for 2025 that while the country’s economy grew by more than 4% in 2024, it will be difficult to achieve this level of sustainable growth.
Bloomberg | Bloomberg | Ghetto images
Singapore has announced a number of support measures for both households and business in 2025, including vouchers and tax breaks, in its first budget at Prime Minister Lawrence Wong.
Wong said this is against the background of fears about increasing costs, given the increase in global inflation after the war in Russia-Ukraine and the interruptions of energy, food and supply chains.
Wong has announced more vouchers for consumption and discounts for usefulness for households. Each household will receive $ 800 in Singapore ($ 596) consumption vouchers for 2025.
In honor of the 60s Independence in Singapore, all Singaporeans over 21 will receive additional $ 600 vouchers in July, with more than 60 receiving $ 800.
The year of the 2025 estimate was also announced by a 60% discount on income tax limited to $ 200.
At the Wong Business Front announced a 50% discount on corporate tax income for company, with a minimum of $ 2,000 and a $ 40,000 limit.
The government will also increase co-financing levels for companies that raise the salaries of lower salary workers.
While Wong said these measures, along with those announced in previous budgets, would mitigate the impact of increasing costs, he added that “the best way to adapt to higher prices is to increase the economy and increase productivity, So Singapurians can enjoy higher real incomes and better standards of living. “
Business support
In his speech, Wong said the country would take “bold and decisive action to progress at the growth border”.
Noting that global economic competition is intensifying, he said that “if we are not able to remain competitive, we will be abandoned.”
He noted that as the country’s economy increased by more than 4% in 2024, it would be difficult to achieve a sustainable growth level.
Wong added that if Singapore manages to provide an average of 2% -3% annually over the next decade, “we will be able to create better jobs and opportunities and improve the living standards for all Singaporeans.”
In the light of this, said Wong, the government will expand support programs to companies that want to internationalize, as well as for mergers and acquisitions.
Singapore will also introduce a new $ 1 billion private loan growth fund to give companies more financing opportunities, Wong said, attributing the decision to emerge a private credit market that offers “innovative company financing solutions”.
Wong also points out that as companies are increasing, they may also want to list on a stock market to access more capital.
As early as August 2024Singapore’s monetary authority set up a review group to enhance the attractiveness of the Singapore stock market.
The submitted review group his first set of measures On February 13, including several tax -related recommendations.
Wong said he has accepted the recommendations and will introduce tax incentives for companies based in Singapore and fund managers who decide to list in Singapore and develop their economic activities here.
Tax incentives for fund managers will be given to those who “invest significantly” in the capital markets in Singapore to encourage more investment in the country’s capital markets.
This is a development story, please check again for updates.
