Find out what EY, Deloitte, KPMG, and PwC have to say about the Budget.
Finance minister Heng Swee Keat has set forth an expansionary Budget 2019 with the goal of building and maintaining “strong, united Singapore” against heightening economic uncertainties. These include higher spending on defence and security, setting aside $6.1b to cover the full cost of the Merdeka Generation Package (MGP), and an increase in excise duties for diesel. The government will continue to invest in building the digital capabilities of SMEs through the launch and extension of initiatives like Scale-up SG programme and Automation Support Package (ASP).
Singapore also tightened rules for foreign workers as it adjusted the foreign worker dependency ratio ceiling from the current 40% to 38% on January 1, 2020 and to 35% on January 1, 2021. The SPass of the services sector will also be reduced from 15% to 13% and then to 10%. The government is also striving to retain workers past their prime through the Work Fair and Silver Support schemes.
SIngapore will also tighten import relief for travellers and alcohol duty-free concessions as it implements the GST hike. The government is also studying…
