SMEs Singapore Budget 2016 is set to be released on Thursday, March 24th at 3:30pm by Singapore’s Finance Minister – Mr Heng Swee Keat.
Mr Heng had provided an indication that the Singapore 2016 budget will have a strong focus on the economy and, providing support to the local SMEs is a priority. It is expected that the government will continue to focus on enhancing SMEs’ productivity and encouraging innovation to create a strong foundation to support economic growth.
Mrs Chung-Sim Siew Moon, head of tax services at Ernst & Young Solutions said “This year’s Budget is likely to be more moderate and perhaps empathetic in approach where the government will likely seek to balance the continued push for a vibrant and competitive economy with more care towards enabling our SMEs (small and medium enterprises), workforce and population to grow and succeed, so as to strengthen the Singapore core and foster an inclusive society.”
Singapore Government received about 3,600 feedbacks prior to finalising the budget and Singapore SMEs are proposing:
1. Government to support SMEs by reducing the costs of technology and innovation solution that improve business productivity and reduce costs
2. Help cope with the challenging economic condition by
Gross domestic product (GDP) growth – 2%, the weakest since 2009
Productivity growth — down by 0.1 %, mark the second consecutive year of decline.
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