The Singapore budget announced a few days ago came with measures to focus on restructuring and promoting a more inclusive society.
Restructuring for quality growth
Companies have been hit by a further increase in the foreign workers levy, which has exceeded $1000 in certain categories. Those companies that are unable to restructure will not be able to survive.
To offset this increase, companies can rely on the transition support packages and also the productivity grants. But ultimately, they will need to find a way to reduce their reliance on foreign workers.
Building a more inclusive society
Individuals will be able to get more GST vouchers, 30% tax rebates (up to $1500) or 50% for aged 60 and above, the usual S&C and utility rebates, higher workfare income coverage and $200 Medisave topup for those aged 45 and above.
However, there will be higher car and property taxes, which will affect more of the higher tier categories.
For more details, you can refer to the full budget text and summary which can be downloaded below:
Singapore Budget in Full (pdf)