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.
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Source: The Straits Times - 🏆 8. / 63 Read more »