Budget 2020 was delivered by Deputy Prime Minister and Minister for Finance, Mr Heng Swee Keat, to the Singapore Parliament on 18 February 2020.
Known as the Unity Budget, Budget 2020 focused on: (a) ensuring that Singapore remains business competitive; (b) preserving jobs and helping businesses to mitigate the economic slowdown resulting from the twin effects of COVID-19 and the US-China trade war; and (c) laying the groundwork for future industries and businesses.
Key fiscal measures in Budget 2020 are as follow.
A. ENSURING RESILIENCE AND COMPETITIVENESS OF THE TAX SYSTEM.
To ensure that Singapore continues to have a tax system that encourages businesses to be competitive, Budget 2020 introduces the following measures