Call Us : 012-721 9013 |

enquiry@361dc.com

Budget 2012 Summary

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

 

1 Managing our Dependence on Foreign Workers

 

1.1 Reduction in Dependency Ratio Ceilings (DRCs)

 

1.2 Reduction in Man-Year Entitlement (MYE) Quota

 

2. Helping SMEs

 

2.1 Higher CPF Contribution Rates for Older Workers

 

2.2 Enhanced Special Employment Credit (SEC)

 

2.3 SME Cash Grant

 

2.4 Enhancements to Productivity and Innovation Credit (PIC) Scheme

 

2.5 Enhanced Training Support for SMEs and Self-Employed Persons (SEPs)

 

3 Capturing Opportunities for Growth

 

3.1 Helping Companies Internationalise

 

3.2 Tourism

 

4 Enhancing our transport System

 

4.1 Carbon Emissions-based Vehicle Scheme (CEVS)

 

4.2 Lowering of Special Diesel Tax for Euro V Vehicles

 

4.3 Removal of Additional Transfer Fee (ATF)

 

 

For Measures for Households, and full copy (in MS Word and PDF) please click HERE (from www.singaporebudget.gov.sg )