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Companies to receive 50% rebate on corporate income tax: Budget 2024

Jovi Ho
·2-min read

This forms part of a new $1.3 billion Enterprise Support Package, unveiled by DPM Lawrence Wong in his Budget speech on Feb 16.

Businesses will enjoy a 50% rebate to their corporate income tax. This will be capped at $40,000 for the 2024 year of assessment, says Deputy Prime Minister Lawrence Wong in his Budget 2024 speech on Feb 16.

But not all companies are profitable, notes Wong. Hence, companies that hired at least one local employee in 2023 will receive a minimum of $2,000 in cash payouts.

These are part of the new $1.3 billion Enterprise Support Package, which also includes an enhanced Enterprise Financing Scheme.

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The government will permanently increase the maximum working capital loan quantum to $500,000 to help Singapore businesses’ financing needs.

Domestic construction projects will also be supported, with the government's risk sharing of project loans extended to March 31, 2025.

Under the enhanced Enterprise Financing Scheme, the government will help small- and medium-sized enterprises (SMEs) adopt green solutions, says Wong.

The Energy Efficiency Grant, launched in 2022 for the food services, food manufacturing and retail sectors, will be extended to more sectors, including manufacturing, construction, maritime and data centres and its users.

Wong says more details will be announced by the Ministry for Trade and Industry (MTI) at the Committee of Supply debate later this month.

Domestic construction projects will also be supported, with the government's risk sharing of project loans extended to March 31, 2025.

Finally, the SkillsFuture Enterprise Credit has been extended by a year to June 30, 2025.

This year’s Budget, titled “Building our Shared Future Together”, will include support for households and businesses, greater assurance for families and seniors, and skills training for workers, says Wong, who is also Finance Minister.

Read more about Budget 2024 on The Edge Singapore.

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