Relief Measures Targeted at SMEs
1) Enhancing the Corporate Income Tax (CIT) Rebate
To help companies, especially SMEs, address near team concerns, CIT tax rebate is raised from existing 30% of tax payable to 50% of tax payable, with a cap of S$20,000 for the financial year of 2016 and 2017. The increased support is expected to cost the government almost S$1 billion dollars over the next 2 years.
2) Extending Special Employment Credit Scheme
In view of present economic uncertainties, employers will continue to enjoy the SEC for 3 more years (till 2019).
- See more at: https://www.gov.sg/news/content/12-things-businesses-should-know-about-sgbudget2016#sthash.03P43BxH.dpuf