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Business Advice

Budget 2013: What does this entail to businesses

As announced in Parliament on Monday, the Government will lend a hand to small and medium-sized enterprises (SMEs).
February 27, 2013
By: ST701 Editorial Team
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Budget 2013: What does this entail to businesses

As announced in Parliament on Monday, the Government will lend a hand to small and medium-sized enterprises (SMEs). However, bosses will have to show that they are putting in the efforts to become more productive.

The following are some policies that have been rolled for SMEs:

  • 3-Year Transition Support Package
    In line with the Quality Growth Programme which aims to help businesses upgrade, create better jobs and raise wages. The 3-Year Transition Support package will provide support to businesses. This package will help businesses restructure and share productivity gains with employees in the form of higher wages.
  • PIC Bonus
    The Productivity and Innovation Credit (PIC) Bonus encourages more companies to take advantage of this scheme to invest in productivity. Businesses that spend a minimum of $5,000 in PIC activities in a year will receive a dollar-for-dollar matching cash bonus.
  • Corporate Tax Rebate
    A Corporate Income Tax (CIT) Rebate of 30% of tax payable capped at $30,000 per year of assessment will be given to help cope with cost pressures.
  • Strengthen Productivity Incentives
    Incentives will be given to make it easier for companies to tap on schemes, help with the upgrading and supporting of industry wide collaborations through:
  1. Land Productivity Grant for companies that intensify land use in Singapore
  2. Broaden and enhance the Partnerships for Capability Transformation (PACT) scheme
  3. Develop solutions to industry-specific productivity challenges through the Collaborative Industry Projects
  4. Promote prefabrication in construction via the Integrated Construction and Precast Hubs
  5. Link SMEs with research and technology partners

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