SINGAPORE, Feb. 18 -- Companies in Singapore will benefit from a 50 per cent corporate income tax rebate for the 2025 year of assessment, Prime Minister and Finance Minister Lawrence Wong announced in his Budget 2025 speech on Tuesday.
Wong acknowledged the rising costs affecting businesses, particularly in terms of rent and labour, stating, "Higher prices... affect our businesses, many of whom are grappling with the higher cost of rent and labour."
Under this measure, eligible firms will receive a cash grant of S$2,000 (RM6,630), regardless of profitability, according to a report published on Channel News Asia.
To qualify, companies must have been active in 2024 and employed at least one local worker.
The combined total benefit, includ...