Singapore\u2019s 2024-2025 budget statement on 16 February 2024 contained a suite of support measures to help businesses tackle cost concerns, and initiatives to improve the competitiveness of Singaporean companies.<\/p>\n
Here is a recap of the key measures and initiatives:<\/p>\n
Companies in Singapore will receive a Corporate Income Tax (CIT) rebate of 50 per cent, capped at S$40,000 for 2024. For companies which are not profitable, minimum cash payouts of S$2,000 will be disbursed to businesses with at least one local employee in 2023.<\/p>\n
The already existing Enterprise Financing Scheme (EFS) will see significant improvements:<\/p>\n
Companies with substantive economic activities in Singapore may leverage the new Refundable Investment Credit (RIC) scheme. Targeted activities include investing in new productive capacity, carrying out research and development (R&D) and innovation activities.<\/p>\n
Awarded by the Singapore Economic Development Board (EDB<\/a>) and Enterprise Singapore (EnterpriseSG<\/a>), this scheme will be granted based on eligible expenses a company incurs for an approved project for up to ten years.<\/p>\n The amount of RIC a company can receive will vary based on the support rates for various qualifying expenditure categories, including capital outlays, labour costs, training expenses, and fees for work outsourced in Singapore.<\/p>\n Should you have any inquiries regarding how the Singapore 2024\/25 may impact your business operations or your personal financial situation, please contact us via contact@orbis-alliance.com<\/u>.<\/p>\n","protected":false},"excerpt":{"rendered":" Singapore\u2019s 2024-2025 budget statement on 16 February 2024 contained a suite of support measures to help businesses tackle cost concerns, and initiatives to improve the competitiveness of Singaporean companies. Here is a recap of the key measures and initiatives: 50% Corporate Income Tax (CIT) rebate Companies in Singapore will receive a Corporate Income Tax (CIT) […]<\/p>\n","protected":false},"author":8,"featured_media":3598,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[138],"tags":[],"class_list":["post-3593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-singapore"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t