Photo by Hannah Busing via Unsplash.

Singapore provides $1.3b to support local companies

These include a $2,000 cash payout and a 50% income tax rebate of up to $40,000.

Companies in Singapore can look forward to a tax rebate of up to $40,000 in 2024.

In his budget speech, Deputy Prime Minister Lawrence Wong announced that Singapore will give out a 50% income tax rebate, capped at $40,000 a year.

This is part of an enterprise support package of $1.3b, aimed at supporting companies. In particular, this year’s support programs are tilted towards firms that are making the effort to restructure and transform, said Wong.

LIVE UPDATES: Singapore Budget 2024

A minimum benefit of $2,000 cash payout will also be given to companies that employ at least 1 local employee in Singapore.

For companies that need liquidity, the maximum working capital loan quantum has been permanently raised to $500,000.

The enhanced maximum trade loan quantum has also been extended until 31 March 2025; whilst the Skills Future Enterprise credit’s validity has been extended by 1 year to 30 June 2025. With this, businesses have another year to claim any unused credit.

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