THE supplementary budget of $48 billion is indeed a very generous one compared to the main budget delivered on 18 February.
In addition to the enhanced measures, a new measure in the form of a 30% property tax rebate for all non-residential properties is indeed a surprise present to all the owners of such properties, who were disappointed when the main budget was delivered.
Naturally, this budget is Singaporean-centric in that all the support schemes and measures are basically applicable to Singaporean employees as well as Singaporean employers.
The economic contribution from the huge number of foreign workers who similarly suffer from the effect of COVID-19 have received no assistance either for themselves or their employers who may well be Singaporeans.
It will be good to show appreciation to this group of dedicated and hard-working foreign workers who have contributed a great deal to the economic, cultural and social vibrancy of Singapore.
For the purpose of clarification, a self-employed person is one who operates through a sole proprietorship or as a partner in a partnership.
If you operate through a private limited company, you’re not likely to enjoy the self-employed payment of $1,000 per month for the next nine months. The self-employed person must be a Singaporean before these benefits apply.
KC Lau is an author and Chartered Accountant and runs his own firm, KC Lau & Co.
Here are the links to all the Friday Focus articles on The Resilience Budget:
- Impressive…But Wait For The Details
- Unexpected Support
- Time To Prioritise
- Keep The Money Flowing
- A Generous Helping Hand
- Some Questions Unanswered
- What About The Hardworking Foreigners?
- Cash Is King
- Living Day To Day
- Mind The Gaps!