Mr Heng Swee Keat, the Deputy Prime Minister and Minister for Finance, delivered the Fortitude Budget on 26 May 2020, a week before transiting into Phase 1 of the post COVID-19 circuit breaker measures. This is the fourth budget in recent months which builds on and reinforces the earlier Unity, Resilience and Solidarity Budgets. It addresses the rapidly evolving COVID-19 situation and the impact on Singapore’s economy and society. Our summary of the Unity Budget is available here and of the Solidarity Budget is available here. [ 172 kb ]
The Fortitude Budget mobilises another S$33 billion of government funds, taking us over the S$90 billion mark (almost 20% of Singapore’s GDP). The Fortitude Budget is a landmark package, and a necessary response to an unprecedented crisis.
The Fortitude Budget continues where the Solidarity Budget left off by building on and enhancing a number of the announcements from earlier Budgets to provide support to businesses in these extraordinary times. The central focus of this Budget is jobs. To support businesses and save jobs, the Budget focused on the 3Cs – cash flow, costs and credit.
We have summarised the key highlights from the Budgets for our clients and hope everyone stays safe in these uncertain times. In addition, the Inland Revenue Authority of Singapore (IRAS) has issued new COVID-19 support measures and tax guidance. Please visit the COVID-19 Hub on our website, where we will continue to share the relevant materials.
We have put in place business continuity plans which means that we are available to continue to support our clients through
these difficult times.