close

Newsroom

MGI Worldwide accountancy network member firm MGI N. Rajan Associates publishes white paper on the Singapore Budget 2019

16th April 2019

MGI World Screenshot of paper published by MGI N. Rajan Associates on Singapore Budget 2019

Singapore-based MGI Asia member firm MGI N. Rajan Associates provides members with an overview of the government Budget for 2019, as announced by the Singapore Finance Minister, Mr Heng Swee Keat.

The 2019 Singapore Budget, announced on the 19th of February, is a strategic plan to allocate resources to build a strong and united Singapore. As a backdrop to the Budget, Mr Heng Swee Keat highlighted three major shifts from last year’s budget:

1. The shift in global economic weight towards Asia

2. Rapid technological advancement

3. Changing demographic patterns

In addition to these three, he mentioned that another major force which is gaining in prominence is:

4. A decline in support of globalisation

Strategic plan for the future

The 2019 Budget is a strategic plan to allocate resources to build a strong and united Singapore:

1. To keep Singapore safe and secure

2. To transform the Singapore economy into a vibrant and innovative economy

3. To build a caring and inclusive society, and

4. To build Singapore as a global city and home to all.

In order to keep Singapore safe and secure both from physical threats and malicious cyber activities, the government is continuing to spend about 30% of the total expenditure this year to support defence, security and diplomacy efforts.

Principle budgetary allocations

The White Paper includes a summary of budget allocations aimed at keeping the Singapore economy vibrant and innovative and to create a caring and inclusive society. These are divided into the following areas:

- Enhancement of enterprise capabilities
- Education
- Merdeka Generation Package

The minister stated that economic transformation is crucial and that the country must persist with efforts to transform industry. Supporting companies and supporting workers are mutually reinforcing as stronger companies provide better jobs and pay workers well and, in turn, highly skilled workers make companies stronger. 

Read the full Singapore Budget 2019 paper for more information.

For further details please visit MGI N. Rajan Associates’ member profile page or visit their website.

MGI Asia is part of MGI Worldwide, a top 20 ranked international accounting network with some 5,200 independent auditors, accountants and tax experts in over 260 locations around the world.

Read more on Member white papers and Asia

MGI World Australia and India flags with text overlay

Australia and India sign a historic trade agreement aimed at increasing cooperation between the two countries

20th May 2022

The Australia-India Economic Cooperation and Trade Agreement, AIECTA was signed on the 2 April...

MGI World MustaphaRaj Chartered Accountants Team and logos

New member firm for Malaysia as MustaphaRaj Chartered Accountants joins the MGI Worldwide global accountancy network

5th April 2022

Determined to maximise the firm’s goal of providing its clients with the best international...

MGI World Indian flag with text overlay

Don’t miss the recording of last week's successful webinar showcasing key features and opportunities behind India’s MOOWR Scheme

14th March 2022

Anuj Sharedalal, Partner at C.R. Sharedalal & Co., based in Gujarat, India, and Pallavi Gupta,...