Budget 2012 Summary
Budget 2012 was unveiled by Deputy Prime Minister Tharman Shanmugaratnam on 17 Feb 2012. This is a budget that focuses on longer term measures to strengthen the economy. Although in line with expectation, many are expected to have a mixed reaction to its key measures.
Those that were expecting handouts were disappointed. The same goes for those that wanted a reduction of the corporate tax. Short term assistance to SMEs in particular, is found lacking.
Overall, short term pains are expected to be felt by SMEs in particular, as they gear up for the changes taking place to further enhance their productivity and rely less on foreign manpower.
While the budget may not seem adequate, the slew of enhanced programmes are designed to help SMEs in the longer-term. In particular, the enhancement of the SEC would, no doubt, help in attracting and retaining the experienced older workers to offset the reliance on foreign workforce….(Read more)
MEASURES FOR BUSINESSES
2. Helping SMEs
2.3 SME Cash Grant