Mr Heng Swee Keat, the Deputy Prime Minister and Minister for Finance, delivered the Solidarity Budget on 6 April 2020, the day before the COVID-19 circuit breaker measures commenced. This was the third budget in recent months which builds on and reinforces the earlier Unity and Resilience Budgets. It addresses the rapidly evolving COVID-19 situation and the impact on Singapore’s economy and society. Our summary of the Unity Budget is available here.
The Solidarity Budget mobilises another S$5.1 billion of government funds, taking us over the S$60 billion mark, and utilises reserves that the nation had saved for that rainy day to combat the fall-out from what is already a mighty storm, and which is still
brewing.
The Solidarity Budget continues where the Resilience Budget left off by building on and enhancing a number of the announcements from the Unity Budget to provide support to businesses in these extraordinary times. There was a clear focus on preserving jobs for Singaporeans, helping enterprises overcome immediate challenges such as cash-flow and rental costs, and finally on strengthening economic and social resilience so that Singapore can emerge at the end of this crisis, intact and stronger.
We have summarised the key highlights from the Resilience and Solidarity Budgets for our clients and hope everyone stays safe in these uncertain times. In addition, the Inland Revenue Authority of Singapore (IRAS) has issued new COVID-19 support measures and tax guidance. Please visit the COVID-19 Hub on our website, where we will continue to share useful materials relating to the virus.
We have put in place business continuity plans which means that we are available to continue to support our clients through these difficult times.
