Key Highlights of Singapore Budget 2019 for the Industry & Businesses

Ref No.: 200219 (1)
UEN: S97SS0046G

Dear Valued ASPRI Members,

Key Highlights of Singapore Budget 2019 for the Industry & Businesses

With the recent announcement of the Singapore Budget 2019, ASPRI is pleased to inform on the deferment of the earlier announced increase in Foreign Worker levy rates for Process sector and Marine Shipyard for another year and there is no change to the Dependency Ratio Ceiling (DRC) and S-Pass sub-DRC for the Process Sector.

Finance Minister Heng Swee Keat has also shared about the three key thrusts to support industry transformation – (i) building deep enterprise capabilities; (ii) building deep worker capabilities; and (iii) encouraging strong partnerships, within Singapore and across the world.

To serve our ASPRI members better, we have extracted some key highlights as below that might be relevant to your businesses:

 

  • Tax
  • No change to the Corporate Income Tax rate
  • Written down allowance for acquisition of qualifying IPR will be extended to cover qualifying capital expenditure acquired on or before the last day of the basis period for YA 2025 instead of YA 2020
  • Automation Support Package that provides 100% Investment Allowance on the approved capital expenditure (net of grants & capped $10 mil per project) on projects approved by Enterprise SG during 1 April 2016 to 31 March 2019 will be extended to cover the approved projects from 1 April 2019 to 31 March 2021

 

 

 

  • Environment
  • Raise excise duty for diesel by $0.10/litre to $0.20/litre
  • Permanently reduce the annual special tax on diesel cars & taxis by $100 & $850 respectively
  • Road tax rebates will be provided for commercial diesel vehicles:
  • 1 August 2019 – 31 July 2020: 100% road tax rebate
  • 1 August 2020 – 31 July 2021: 75% road tax rebate
  • 1 August 2021 – 31 July 2022: 50% road tax rebate

 

For more details, you may refer to the attached documents, and the website links as indicated above.