Singapore’s Parliament Building
Bloomberg|Bloomberg|Getty Images
Singapore has announced a series of support measures for households and businesses, including vouchers and tax relief, in Prime Minister Lawrence Wong’s first budget.
Wong said this was due to concerns about rising costs, with global inflation rising given the Russian-Ukrainian war and the disruption of energy, food and supply chains.
Wong announced more home consumption coupons and utility discounts.
In 2025, each household will receive $800 in Singapore USD ($596) spending vouchers.
On the business side, Wong announced a 50% rebate refund to the company’s corporate income tax, with a minimum rate of $2,000 and a shareholding of $40,000.
The government will also raise the level of co-funding for companies that raise wages for low-wage workers.
Wong said the measures, along with the measures announced in the previous budget, would mitigate the impact of rising costs, but added: “The best way to adapt to higher prices is to grow the economy and increase productivity so that Singaporeans can enjoy higher real incomes and a better standard of living.”
This is a developing story, please check out the update.
