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1 Deputy Prime Minister and Minister for Finance Heng Swee Keat delivered the Singapore Government’s Budget Statement for Financial Year 2020 in Parliament on Tue, 18 February 2020.

2 Budget 2020 is presented against a backdrop of the on-going COVID-19 outbreak, as well as broader uncertainties in the landscape.

3 There are also long-term structural shifts taking place around the world – a decline in support for globalisation, a shift in economic weight towards Asia, technological disruption, and an ageing population in many countries.

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Deputy Prime Minister and Finance Minister Heng Swee Keat delivered Singapore’s FY2020 Budget Statement on Tue 18 Feb 2020, focused on Advancing as One Singapore.

The Budget is presented against a backdrop of the on-going COVID-19 outbreak, as well as broader uncertainties and structural shifts in the global landscape.

In the Budget, DPM Heng presented plans on how we can, as one Singapore, grow our economy and transform our enterprises, care for and nurture Singaporeans at every stage of life, build and secure our nation, and work together with fellow Singaporeans to create a home we will always call our own.

In particular, DPM Heng announced a Stabilisation and Support package to help local workers and enterprises weather near-term economic uncertainties, a plan to enable Transformation and Growth in the longer-term, and a Care and Support Package for households. When the GST rate is raised, there will be an Assurance Package to cushion the increase.

Please click below for more info:

FY2020 Budget Statement

FY2020 Budget Booklet

FY2020 Budget Summary_PDF    FY2020 Budget Summary_JPG

FY2020 Advancing as One Singapore

FY2020 Analysis of Revenue and Expenditure

Revenue and Expenditure Estimates for FY2020-2021

Source: MOF, SingaporeBudget

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The following legislative changes to the Companies Act take effect on 31 Aug 2018 for companies with Financial Year End (FYE) ending on or after 31 Aug 2018:

  • Alignment of timelines for holding AGM and filing Annual Return with the FYE of companies
  • Exemption for private companies from holding AGMs subject to specified safeguards

Please click HERE for more information.

Commencement Notification & Subsidiary Legislation

Companies (Amendment) Act 2017 (Commencement) Notification 2018 and related Subsidiary Legislation can be accessed HERE.

Source: ACRA

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IRAS would like to alert the public that a scam email titled "Inland Revenue Authority of Singapore-Refund-Online-Confirmation" has been circulating. The email carries a message that the recipients are eligible to receive a tax refund and that they are to click on the link provided in the email to download and fill out the tax refund form.

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Employers are reminded to make CPF contributions for employees by 15 Jan 2018 to receive Wage Credit Scheme payouts

Employers of eligible Singaporean employees are reminded to make the full CPF contributions for these employees by 15 January 2018 in order to receive the fifth tranche of Wage Credit Scheme (WCS) payouts in March 2018.