In Singapore's 2020 budget, the plan to increase Singapore's Goods and Services Tax (GST) to 9% between 2018 and 2025 was confirmed not to take effect in 2021. Singapore's GST will remain at the current 7%.
The government announced that for the Year of Assessment 2020, a 25% corporate income tax rebate will be granted, up to a maximum of S$15,000.
New initiatives and extensions of existing plans were announced under business and household support measures to support economic transformation, growth, and innovation, totaling S$5.6 billion. To help companies increase cash flow and retain workers during the coronavirus outbreak, additional funding was provided for directly affected industries such as tourism, aviation, hospitality, food services, and ride-hailing transport services.
