in Parliament on Tuesday , Deputy Prime Minister and Finance Minister Lawrence Wong said that the world’s economy is expected to enter a stage of greater contestation and fragmentation, with nations thinking less about mutual benefit and interdependence and more about national gain and security.
Governments are increasingly imposing sanctions, investment prohibitions and export controls, as well as implementing aggressive tax breaks and subsidies to anchor strategic industries within their countries, he said. A new Enterprise Innovation Scheme will allow businesses to qualify for greater tax deductions of up to 400 per cent for spending on activities related to innovation that include:Innovation carried out with polytechnics and Institutes of Technical Education
, on top of the S$1.4 billion top-up Mr Wong had announced in November 2022, bringing the total package to S$9.6 billion.expected to benefit around 2.5 million adult Singaporeans. "We also want to help parents better balance their work and family commitments, and look after their children," he said. First-timer families with children, as well as young married couples aged 40 and below who are buying their first home, will get an extra ballot
For lower-income platform workers, the Government will also introduce a Central Provident Fund Transition Support for these workers who will see an increase in CPF contribution rates.with regular employees over a five-year period.FORTIFYING RESERVES
In ‘new era’ of pe, Singapore unveils S$104.2b Budget to reposition economy, buttress households
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