Announcement
16 Feb 2021
In February 2021, Singapore introduced several stimulus packages to help local companies and workers to recover from the impact of COVID-19 pandemic.
Source
The Singapore Budget 2021: https://www.mof.gov.sg/docs/librariesprovider3/budget2021/download/pdf/fy2021_budget_statement.pdf
Number of interventions
10
10 certainly harmful
0 likely harmful
0 liberalising
List of interventions
Implementation date
01 Jan 2023
Revocation date:
No revocation date
Announced: 16 Feb 2021
Labour market access In force
On 16 February 2021, to promote the local hire, Singapore announced that it would reduce the number of S Pass work permit given to foreign experts in the manufacturing industry. Singapore would reduce the number of S Pass from a maximum of 18 percent to 15 percent of the total labor force in the manufacturing industry from 1 January 2023. The S Pass is a work permit for companies to hire workers with technical expertise.
Affected Sectors
411
412
413
414
415
416
421
422
423
429
431
432
[+ 40 more]
Announced: 16 Feb 2021
Internal taxation of imports In force
On 16 February 2021, Singapore announced that it would impose Goods and Services Tax (GST) on the imported non-digital services such as live interaction with overseas providers of educational learning, fitness training, counseling, and telemedicine. The tax would be imposed on service providers who have an annual global turnover exceeding S$1 million (USD 754,261) and make B2C supplies of digital services to customers in Singapore exceeding S$100,000 (USD 75,426) annually. The GST would increase...
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Affected Sectors
921
922
923
924
925
929
931
Announced: 16 Feb 2021
Internal taxation of imports In force
On 16 February 2021, Singapore announced that it would impose Goods and Services Tax (GST) on the imported low-value goods (worth up to S$400 or USD 301) via air or post from 1 January 2023. The GST would increase from 0% to 7%. Singapore has already imposed a GST of 7% for imported goods via land and sea, regardless of the value.
*Singapore Dollar to USD as of 16 February 2021 - S$ 1.33/USD
Affected Sectors
011
012
013
014
015
016
017
018
019
021
023
024
[+ 180 more]
Affected Products
010121
010129
010130
010190
010221
010229
010231
010239
010290
010310
010391
010392
[+ 5600 more]
Implementation date
01 Jan 2022
Revocation date:
31 Dec 2022
Announced: 16 Feb 2021
Labour market access
On 16 February 2021, Singapore announced that it would reduce the number of S Pass work permit given to foreign experts in the manufacturing industry. Singapore would reduce the number of S Pass from a maximum of 20 percent to 18 percent of the total labor force in the manufacturing industry from 1 January 2022 - 30 December 2022. It aimed to promote the hire of the local workforce. The S Pass is a work permit for companies to hire workers with technical expertise.
Affected Sectors
411
412
413
414
415
416
421
422
423
429
431
432
[+ 40 more]
Implementation date
16 Feb 2021
Revocation date:
No revocation date
Announced: 16 Feb 2021
State aid, unspecified In force
On 16 February 2021, under its budget 2021, Singapore announced that it allocated $24 billion (USD 18.1 billion) to local firms and workers through various initiatives that aimed the followings:
to grow a vibrant business community, with a strong spirit of innovation and enterprise, deeply connected with Asia and the world;
to catalyze a wide range of capital to enable businesses to transform and scale; and
to create opportunities and redesign jobs, for Singaporeans to develop their skills,...
Read more
Announced: 16 Feb 2021
Local content incentive In force
On 16 February 2021, as part of its Budget 2021, Singapore allocated S$5.2 billion (USD 3.92 billion) to the Jobs Growth Incentive (JGI) from now to the end of September 2021. The companies who hired local would be provided with wage support from the month of hire. The JGI supports employers to expand local hiring so as to create good and long-term jobs for locals. To be eligible for the JGI, there should be an increase in overall local workforce size and an increase in local workforce size earn...
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Announced: 16 Feb 2021
Financial investment support In force
On 16 February 2021, Singapore unveiled its stimulus package under Budget 2021. Under this budget, Singapore provided S$500 million (USD 377.1 million) to be co-invested with Temasek in a Local Enterprises Funding Platform to be managed commercially. Temasek would provide another S$500 million (USD 377.1 million) on top of the Government’s fund so the platform would have S$1 billion (USD 754.2 million) available for its investments. Some of this funding would be used to invest in non-control equ...
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Announced: 16 Feb 2021
Financial grant In force
On 16 February 2021, Singapore provided a stimulus package to ease the impact of the COVID-19 pandemic. Under this package, Singapore provided S$ 133 million (USD 100.4 million) in the form of the COVID-19 Driver Relief Fund (CDRF) to the transport sector, taxi, and private hire car drivers. CDRF would be provided in the form of a grant to the drivers of the following companies:
The drivers of the ride-hail service operators known as Go-Jek, Grab, Ryde, and TADA companies
The drivers of ta...
Read more
Affected Sectors
641
660
Announced: 16 Feb 2021
State aid, nes In force
On 16 February 2021, Singapore announced its Budget 2021 consisting of stimulus packages in response to the COVID-19 pandemic. In 2020, Singapore has provided some stimulus packages to help the economy to recover from the impact of the COVID-19 pandemic (see related Acts). Under Budget 2021, Singapore provided a cost relief of S$ 870 million (USD 656.6 million) to the aviation sector. This was to respond to the reduction of demand for aviation such as total passenger movements in Changi were onl...
Read more
Affected Sectors
642
653
676
Announced: 16 Feb 2021
State loan In force
On 16 February 2021, Singapore unveiled its stimulus package under Budget 2021. Under this Budget, the Singapore government in cooperation with Temasek invested S$1 billion (USD 754.2 million) in a Local Enterprises Funding Platform to be managed commercially. Some of this funding would be used to provide loans to selected large local enterprises (LLEs). This aimed to allow the LLEs to transform or expand overseas on a larger scale.
Temasek is an investment company owned by the government of S...
Read more
Related State Acts
Announced: 17 Aug 2020
Singapore: 5th round fiscal stimulus to ease the impacts of COVID-19 pandemic
Announced: 05 Apr 2020
Singapore: 3rd round fiscal stimulus to ease the impacts of covid-19 pandemic (Solidarity Budget)
Announced: 26 Mar 2020
Singapore: Package announced in response to the COVID-19 pandemic (2nd Stimulus Package)
Announced: 18 Feb 2020
Singapore: Singapore Stabilisation and Support Package (1st Stimulus Package)
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