8th July 2016
This year’s Singapore Budget has measures to help companies manage the economic slowdown and seek opportunities to grow in the midst of increasing uncertainty about the global economic and financial landscape.
New initiatives were announced to help companies engage in infrastructure projects and to give better support to local enterprises.
MGI Alliance PAC (formerly MGI Menon & Associates) and long-standing member of MGI Worldwide for some 17 years, summarize the key initiatives that would impact businesses.
The paper looks at the enhanced Corporate Income Tax (CIT) Rebate that is given to all companies to help them deal with rising business costs including Productivity and Innovation Credit (PIC) and cash pay-out, SME Working Capital Loan (WCL), the Automation Support Package (ASP) scheme, Extended Special Employment Credit (SEC), Enhanced Mergers and Acquisitions (M&A) Scheme, Double Tax Deduction Scheme (DTD) and Personal Income Tax Rates, among others.
Imran Assan, Partner at the Firm and also International Committee Member for MGI representing the Asia Area concludes that, “From a business perspective, this Budget is one that should be welcomed by all SMEs. It indicates the government's shift towards a more calibrated and targeted approach in helping SMEs in specific industries whereas previous Budgets appeared to be more broad based.”
DOWNLOAD THE SINGAPORE BUDGET 2016 (PDF) HERE
For more information contact Imran Assan at email@example.com or visit their MGI Worldwide member profile page HERE.
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