The reason? The economic turmoil caused by the Covid-19 virus.The Government announced a “Stabilisation and Support Package” worth S$4 billion to help Singapore’s economy and to tide workers and businesses over this tough patch.
For the tourism sector, a property tax rebate of 30% will be granted for the Year 2020 for the accommodation component of licensed hotels and serviced apartments, as well as for MICE venues. This list is by no means exhaustive — but should be comprehensive enough to cover most of the industries impacted above.
Another beneficiary is SATS Ltd , which is a major food caterer and ground handler for a host of airlines. SATS operates the Marina Bay Cruise Terminal through a joint venture, and the Maritime and Port Authority will be giving 50% port dues concession to cruise ships and regional ferries with a port stay of not more than five days.
Hotel owners such as City Development Limited , Hotel Royal Limited and Hotel Properties Limited will all benefit from the property tax rebate, and this will help to offset some of their expenses during this challenging time.
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: The Straits Times - 🏆 8. / 63 Read more »