With the current COVID-19 outbreak and its impact on businesses, Budget 2020 supports companies, workers and households with an immediate release of a $5.6 billion package to help them tide over this difficult time. Nevertheless, the emphasis on economic transformation and growth still remain strong, with an $8.3 billion budget allocation as announced by the Deputy Prime Minister and Finance Minister Mr. Heng Swee Keat during his Budget 2020’s speech on 18 February 2020. A further $1 billion has also been set aside to build up the Government’s capabilities in cyber and data security over the next three years, in line with Singapore’s Smart Nation and Digital Economy ambitions.
Some of the initiatives that may be relevant to technology companies are listed below:
Expand Beyond Home Market
Budget 2020 addresses the current needs and Singapore’s Smart Nation and Digital Economy ambition. It puts together various initiatives to help businesses expand their capabilities and upskill their people.
This article is contributed by Clarrie Tay and Chiang Jun Chin of our Technology, Media & Telecommunications practice.
To find out how our Technology, Media & Telecommunications team can assist you in your growth journey, please consult our specialists.
Partner & Industry Lead, Technology, Media & Telecommunications
T +65 6594 7876
Koh Puay Hoon
Partner, Head of Tax
T +65 6594 7820