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COVID-19 Budget: Income tax payments for companies, self-employed people delayed for 3 months

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Are you a business owner in Singapore? Here’s how the Resilience Budget will help you during the COVID19 pandemic

for workers and firms announced during the Budget in February.

These commercial properties include hotels, restaurants, shops, tourist attractions and serviced apartments. “Many businesses have pointed out that it will be a lose-lose situation if landlords do not support their tenants. After all, if tenants fail, the properties will be empty,” he said. Additionally, said Mr Heng, S$20 billion of loan capital will be set aside in this Budget, Mr Heng said.

Subsidies to businesses for loan insurance premiums under the Loan Insurance Scheme will also increase from 50 per cent to 80 per cent. READ: President Halimah Yacob gives ‘in-principle support’ to draw on reserves for second COVID-19 assistance packageWhile the measures deal with helping people in financial terms, Mr Heng said giving people relief from legal obligations that have arisen because of the COVID-19 situation is an “important and complementary part”.

Singapore’s investments in R&D have borne fruit, said Mr Heng, citing how Singapore was one of the first countries to successfully develop COVID-19 test kits.

 

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