Extension of Additional Special Employment Credit<\/u><\/strong><\/p>\nMOM will raise the re-employment age from 65 to 67 years, with effect from 01 July 2017. To support firms hiring older workers, the Government will extend the Additional Special Employment Credit (ASEC) until end-2019 to encourage employers to continue hiring older workers.<\/p>\n
With the ASEC of up to 3% for eligible older workers, and Special Employment Credit, employers will receive support of up to 11% of wages for eligible workers.<\/p>\n
120,000 workers and 55,000 employers will benefit from the ASEC extension, which will cost about $160 million.<\/p>\n
<\/p>\n
Strengthening Enterprises\u2019 Capabilities through Digitalisation<\/u><\/strong><\/p>\nDigital technology has unique potential to transform businesses, large and small, across the economy. To strengthen enterprises, especially SMEs, help will be given to adopt digital solutions:<\/p>\n
*New* SMEs Go Digital Programme will help SMEs build digital capabilities. IMDA will work with SPRING and other sector lead agencies in this effort. SMEs can get:<\/p>\n
\n- Step-by-step advice on technologies to use<\/li>\n
- Advice on off-the-shelf technology solutions pre-approved for funding support, or connect to ICT vendors and consultants<\/li>\n
- Advice and funding support if they are ready to pilot emerging ICT solutions<\/li>\n<\/ul>\n
Capabilities in data and cybersecurity will be strengthened. The Cyber Security Agency of Singapore will work with professional bodies to train cybersecurity professionals.<\/p>\n
<\/p>\n
Strengthening Enterprises\u2019 Capabilities through Innovation<\/u><\/strong><\/p>\nTo strengthen firms, we will support their broader efforts in innovation and technology by helping them better tap on R&D resources:<\/p>\n
\n- To help firms innovate and compete, A*STAR will work with them to conduct operation and technology road-mapping<\/li>\n
- SPRING\u2019s IP Intermediary matches companies with IP that meets their needs.<\/li>\n
- A*STAR\u2019s Headstart Programme allows SMEs to co-develop IP to enjoy royalty-free and exclusive licenses for 18 months. In response to industry feedback, this will be extended to 36 months.<\/li>\n
- NEW Tech Access Initiative will provide companies access to A*STAR\u2019s advanced equipment, user training and expert advice.<\/li>\n<\/ul>\n
<\/p>\n
Strengthening Enterprises\u2019 Capabilities through Scaling Up Globally<\/u><\/strong><\/p>\nIn 2016, IE Singapore supported 37,000 internationalisation cases, a 9% increase over 2015. To further help our firms scale up globally and support their growth, we will:<\/p>\n
\n- Continue to develop a smart financing ecosystem with up to $600 million in government capital committed for a new International Partnership Fund<\/li>\n
- Enhance IE Singapore\u2019s Internationalisation Finance Scheme to bridge gaps in financial markets for project finance in the region by catalysing private finance and sharing risks with financial institutions<\/li>\n<\/ul>\n
<\/p>\n
MOM-RELATED<\/h4>\n
Deferment of Foreign Worker Levy Hikes and Acceleration of Infrastructure Projects<\/u><\/strong><\/p>\nIn view of continued weakness, increases in foreign worker levy will be deferred by one more year in the Marine and Process sectors.<\/p>\n
To support the construction sector, $700 million worth of public sector infrastructure projects will be brought forward to start in FY2017 and FY2018.<\/p>\n
<\/p>\n
Strengthening Support for Workers in Transition<\/u><\/strong><\/p>\nThe Government will help workers adapt to structural shifts in the economy, especially those who seek to move to a different sector or industry.<\/p>\n
Singapore Ministry of Manpower launched the \u201cAdapt and Grow\u201d initiative last year. We will strengthen the support this year:<\/p>\n
\n- Increased wage and training support provided under the Career Support Programme, Professional Conversion Programme (PCP) and Work Trial Programme<\/li>\n
- New \u201cAttach and Train\u201d initiative \u2013 industry partners send participants for training and work attachments, increasing their chances of finding jobs in sectors<\/li>\n<\/ul>\n
<\/p>\n
WORKERS AND JOB SEEKERS<\/h4>\n
Global Innovation Alliance<\/u><\/strong><\/p>\n\n- Innovators Academy – enable students to build connections and capabilities through overseas internships<\/li>\n
- Innovation Launchpads – create opportunities for entrepreneurs and business owners in Singapore-based companies to connect with mentors, investors and service providers in overseas markets<\/li>\n
- Welcome Centres – link up innovative foreign companies with Singapore partners to co-innovate and expand in the region<\/li>\n<\/ol>\n
Enhance \u201cAdapt and Grow\u201d Initiative<\/u><\/em><\/p>\nHelp jobseekers with employment by increasing wage and training support for:<\/p>\n
\n- Career Support Programme<\/li>\n
- Professional Conversion Programme<\/li>\n
- Work Trial Programme<\/li>\n<\/ul>\n
Introduce \u201cAttach and Train\u201d initiative for industry partners to send participants for training and work attachments to improve prospects of employment<\/p>\n
SkillsFuture Leadership Development Initiative<\/u><\/em><\/p>\n\n- Support companies in expanding leadership development programmes<\/li>\n
- Develop 800 potential leaders over three years<\/li>\n<\/ul>\n
Increase Accessibility of<\/u><\/em> Training<\/u><\/em><\/p>\n\n- Through short, modular courses and e-learning<\/li>\n<\/ul>\n
Better Job Matching<\/u><\/em><\/p>\n\n- Enhance National Jobs Bank<\/li>\n
- Work with private placement firms to deliver better job matching services to professionals<\/li>\n<\/ul>\n
<\/p>\n
ENVIRONMENT<\/h4>\n
Vehicular Emissions Scheme – t<\/u><\/strong>o reduce harmful emissions<\/u><\/strong><\/p>\n\n- Extend Carbon Emissions-based Vehicle Scheme (CEVS) until 31 December 2017<\/li>\n
- Replace with new Vehicular Emissions Scheme starting from 1 January 2018, for two years<\/li>\n<\/ul>\n
<\/p>\n
Early Turnover Scheme – t<\/u><\/strong>o encourage people to switch to cleaner vehicles<\/u><\/strong><\/p>\n\n- Extend scheme for Euro II and III commercial diesel vehicles that turn over to Euro VI vehicles until 31 July 2019<\/li>\n
- Enhance COE bonus period for Light Goods Vehicles<\/li>\n<\/ul>\n
<\/p>\n
Water Price Changes – t<\/u><\/strong>o encourage water conservation and sustain water supply.<\/u><\/strong><\/p>\nStarting from 1 July 2017,<\/p>\n
\n- Increase price of water by 30% in two phases, by 1 July 2018<\/li>\n
- Impose a 10% Water Conservation Tax on NEWater tariff<\/li>\n
- HDB households will receive help to manage the increase<\/li>\n<\/ul>\n
<\/p>\n
Carbon Tax – t<\/u><\/strong>o reduce carbon emissions<\/u><\/strong><\/p>\n\n- Applied upstream, for example, on power stations and other large direct emitters<\/li>\n
- To be implemented from 2019,with the price level and exact implementation schedule decided after consultations<\/li>\n<\/ul>\n
<\/p>\n
Restructuring of Diesel Taxes – t<\/u><\/strong>o reduce diesel consumption by shifting towards usage based taxes<\/u><\/strong><\/p>\n\n- $0.10 per litre volume-based duty on automotive diesel, industrial diesel and diesel<\/li>\n
- component in biodiesel<\/li>\n
- Permanently reduce Special Tax on diesel cars and taxis by $100 and $850 respectively<\/li>\n
- 100% road tax rebate for one year and partial road tax rebate for two years for commercial diesel vehicles<\/li>\n
- Additional cash rebates for diesel buses ferrying school children<\/li>\n<\/ul>\n
<\/p>\n
HOUSEHOLDS<\/h4>\n
Permanent Increase in GST Voucher \u2013 U-Save for Eligible Households<\/u><\/strong><\/p>\nHouseholds can expect more help in managing their utility bills. To help offset the increases in water rates, eligible HDB households will receive another $40 to $120 of GST Voucher \u2013 U-Save Rebate, permanently.<\/p>\n
Taking into account these higher U-Save rebates, 75% of all HDB households will see an average increase of less than $12 in their monthly water expenses. 1- and 2-room HDB households will on average\u00a0have no increase in their water expenses.<\/p>\n
<\/p>\n
One-Off GST Voucher \u2013 Cash Special Payment for Eligible Recipients<\/u><\/strong><\/p>\nTo help lower-income households with expenses, the Government will provide a one-off GST Voucher \u2013 Cash Special Payment of up to $200 for 2017, to more than 1.3 million eligible Singaporeans.<\/p>\n
<\/p>\n
Extension of S&CC Rebates for Eligible HDB Households for FY2017<\/u><\/strong><\/p>\nThere is help for Service and Conservancy Charges (S&CC) for 880K eligible HDB households. They will receive an additional 0.5 months of S&CC rebates for FY2017.<\/p>\n
<\/p>\n
Top-Ups to GST Voucher Fund, Medifund and ComCare Fund<\/u><\/strong><\/p>\nTo ensure continued support to eligible individuals and households, the Government will top up: $1.5b to the GST Voucher Fund, $500m to the Medifund and $200m to the ComCare Fund.<\/p>\n
<\/p>\n
FAMILIES<\/h4>\n
Higher CPF Housing Grants for First-Time Applicants<\/u><\/strong><\/p>\nGood news for those looking to buy their first HDB flat. First-time applicants buying resale flats will enjoy a higher CPF Housing Grant of up to $50,000.<\/p>\n
<\/p>\n
More provisions of Infantcare for Young Families<\/u><\/strong><\/p>\nOver the past 5 years, the Government has increased the number of childcare places for young children by more than 40%, to about 140,000 places. Working parents of young children can look forward to more support in infant care as the Government will further increase the capacity of centre-based infant care to over 8,000 places by 2020.<\/p>\n
<\/p>\n
Enhancements of Bursaries for Students in Post-Secondary Education Institutions (PSEI)<\/u><\/strong><\/p>\nPost-Secondary Bursaries will increase by up to $400 for undergraduate students, by up to $350 for polytechnic students, and by up to $200 for ITE students. The income thresholds to qualify for bursaries will also be enhanced to benefit more Singaporean students. PSEI bursaries will increased from about $100m to $150m per year.<\/p>\n
<\/p>\n
COMMUNITY<\/h4>\n
Community Mental Health<\/u><\/strong><\/p>\nAdditional $160 million over next five years<\/p>\n
\n- Resource Voluntary Welfare Organisations (VWOs) to set up more community-based teams<\/li>\n
- Improve delivery of care within community<\/li>\n
- Increase the number of Dementia Friendly Communities<\/li>\n
- Integrate persons with mental health issues at the workplace and society<\/li>\n<\/ul>\n
<\/p>\n
Enabling Masterplan 3<\/u><\/strong><\/p>\nStronger support for Persons with Disabilities<\/p>\n
\n- Extend training programmes to Special Education students with moderate intellectual and multiple disabilities to prepare them for employment<\/li>\n
- Set up a Disability Caregiver Support Centre to provide caregiver training and peer support<\/li>\n<\/ul>\n
<\/p>\n
Cultural Matching Fund<\/u><\/strong><\/p>\n\n- Top up $150 million to continue 1:1 matching for donations to cultural institutions<\/li>\n<\/ul>\n
<\/p>\n
Community Sports and Sports Excellence<\/u><\/strong><\/p>\n\n- Over $50 million set aside for community sports \u2014 expand Sports-In-Precinct Programme, and scale up SportCares to empower disadvantaged youths<\/li>\n
- Additional $100 million for high performance sports \u2014 $50 million in direct grants over five years to support our aspiring athletes and up to another $50 million for 1:1 matching of sports donations<\/li>\n<\/ul>\n
<\/p>\n
VWOs-Charities Capability Fund<\/u><\/strong><\/p>\nAdditional funding of up to $100 million to develop VWOs\u2019 and charities\u2019 capabilities over next five years<\/p>\n
<\/p>\n
Grants to Self-Help Groups<\/u><\/strong><\/p>\nAnother $6 million grant to Self-Help Groups over next two years<\/p>\n
<\/p>\n
OTHER TAX MEASURES<\/h4>\n
Base Erosion and Profit Shifting Project<\/u><\/strong><\/p>\n\n- Ensure companies are taxed where substantive economic activities are performed<\/li>\n
- In consultation with businesses, Singapore will refine schemes and implement the relevant tax standards<\/li>\n<\/ul>\n
Tiered Additional Registration Fees (ARF) for Motorcycles<\/u><\/strong><\/p>\nMotorcycles with an OMV above $5,000 will pay more ARF. The ARF rate will remain at 15% for the majority of motorcycle buyers based on current registration trends.The contribution of motorcycle COE quota to open category COE quota will cease. This will stabilise the supply of motorcycle COEs.<\/p>\n
OTHERS<\/h4>\n\n- Investment in critical infrastructure to deepen global connectivity e.g. new Changi Airport Terminal 5, Kuala Lumpur-Singapore High Speed Rail and Tuas Terminal<\/li>\n
- Investment in shared infrastructure for economic clusters to allow industry players to network, pool resources and share knowledge<\/li>\n
- Investment in sports and arts facilities to enhance sports and arts programmes<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"
Singapore Budget 2017 Summary Dear Reader, Welcome to our Singapore Budget 2017 summary. The following is the Budget 2017 Summary were announced by Minister for Finance, Mr. Heng Swee Keat in his Budget Statement for the Financial Year 2017 which was delivered in Parliament on Monday, 20 February 2017. TAX RELATED For Companies Enhancing\u00a0and Extending…<\/p>\n","protected":false},"author":22,"featured_media":0,"parent":4966,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[24],"class_list":["post-13921","page","type-page","status-publish","category-resource","description-off"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/13921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/comments?post=13921"}],"version-history":[{"count":1,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/13921\/revisions"}],"predecessor-version":[{"id":90369,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/13921\/revisions\/90369"}],"up":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/4966"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media?parent=13921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/categories?post=13921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"Singapore](\"\/wp-content\/uploads\/2017\/02\/photo-singapore-budget-2017-300x87.png\" "\\"Singapore")
Enhancing\u00a0and Extending the Corporate Income Tax (“CIT”) Rebate<\/u><\/strong>