Dear Valued Customers,
More Than $6 Billion to Support Business, Workers and Families in Budget 2020
Welcome to our March newsletter! We wish everyone good health as we continue to combat the COVID-19 coronavirus.
$6.4 billion Support Package in Budget 2020
On 18 February, Singapore Deputy Prime Minister and Minister for Finance announced a multi-billion-dollar support package to stabilise the economy and help enterprises and workers.
Budget 2020 takes a Whole-Of-Nation approach to support Singaporeans and offers the economy-wide support that Singapore needs. $800 million has been set aside by the government for public agencies like the Ministry of Health to combat COVID-19. A $4 billion Stabilisation and Support Package will help workers and companies through the near-term economic uncertainty, and ease business concerns about cash flow.
Households will get more help with the cost of living with a $1.6 billion Care and Support Package. Every Singaporean aged 21 and above will receive a one-off cash benefit from $100 to $300. Even better news is that the goods and service tax (GST) hike will be deferred until after 2021.
Helping Companies Go Global
One of the highlights of Budget 2020 is the call for Singapore companies to Grow and Go Global with the help of the Enterprise Grow and Enterprise Transform Package. 3E Accounting has heeded the call to internationalise. Our global presence to date, in more than 80 countries has been recognised by the global advisory platform Consultancy Asia and the International Accounting Bulletin.
A Company That Values and Supports Older Workers
Adopting an open mindset when it comes to older workers is something I believe is crucial to securing the future of Singapore. In a post Budget 2020 interview with MediaCorp TV Channel 8 News, I expressed my firm support for the new SkillsFuture Mid-Career Support Package. At 3E Accounting, age is not a selection criterion for us. Emphasis is placed on the experience and expertise that potential candidates can bring to the firm.
Personal Income Tax Filing Season
As the tax season draws closer, we would like to take a moment to gently remind all our valued clients about filing their personal income taxes. All annual personal tax returns for the Year of Assessment 2020 must be completed and filed no later than 15 April 2020.
If you are an employer in Singapore, you will need to prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable). This must be done for all employees under your care by 1 March every year.
Should you need assistance filing your taxes, 3E Accounting can help. Our friendly team members are always more than happy to help you. Find out more here.
I wish everyone a healthy and productive March 2020!
Founder, 3E Accounting Group
Read More in our E-Newsletter March 2020.