- Service: Tax
- Type: Business and industry issue
- Date: 2/18/2012
This year's Budget statement, read out in Parliament on 17 February 2012 by Deputy Prime Minister and Minister for Finance Mr Tharman Shanmugaratnam, was aptly titled a "Budget for the future".
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Containing few measures in the way of providing shorter term support for businesses, it instead concentrated on addressing Singapore's longer-term challenges and building a better future for Singaporeans.
Taken in totality, this year’s Budget shows a shift in the Government's attitudes and policy mindset. Besides some measures targeted at businesses, the other three main areas of focus are social mobility, support for the elderly and disabled, and building a more equitable tax system in Singapore.
As part of the Government's plans to restructure the economy, its goals continue to be on getting companies to increase their productivity, reducing the country's reliance on foreign labour, and creating more employment for Singaporeans.
Incentives were however dangled to encourage businesses that innovate, to grow, improve productivity and design better jobs to attract local workers.They include the Special Employment Credit (SEC) for employing older workers, and enhanced training and support for small and medium-sized enterprises (SMEs).
While these measures do not address short-term cost issues directly, they are targeted at helping companies gear up for longer-term growth.
We hope you will find our Budget commentary publication this year of assistance in understanding the most recent changes and new initiatives unveiled in Budget 2012.