2021 Singapore Budget Highlights

On 16 February 2021, the Singapore Budget Statement was delivered in Parliament.  A key focus of the Budget was the theme of Emerging Stronger, Together.  The goal is to build new capabilities in people and businesses in this next phase of transformation.

We have summarised the impact of this Budget into two articles as follows:

1. Impact on businesses in Singapore:

• Three main enhancements in the Budget namely the Corporate Venture Launchpad, Open Innovation Platform and Global Innovation Alliance.
• Certain sectors which will receive additional support.
• High growth enterprises’ access to financial capital through enhancement of the Enterprise Financing Scheme venture debt programme.
• Enhancement to wages and job opportunities.

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Tax considerations which may impact businesses in Singapore

• Extensions and changes to various schemes and programmes.
• Changes to Goods and Services Tax.

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