Budget 2023
Budget 2023
Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, delivered Singapore’s FY2023 Budget Statement on Tuesday, 14 February 2023 at 3.30pm in Parliament.
Find out which schemes you may be eligible for, and how you can apply for them in the links below.
- Download the Budget 2023 - Budget Navigator (for Businesses)
Visit the MOF website for more information on Budget 2023.
List of Government Assistance related schemes:
Grants
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The Part-Time Re-employment Grant (PTRG) supports companies that offer part-time re-employment, other flexible work arrangements and structured career planning to senior workers.
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The Senior Employment Credit provides wage offsets to employers that hire Singaporean workers aged 60 and above, and earning up to $4,000 a month.
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The Enabling Employment Credit provides wage offsets to employers hiring persons with disabilities.
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Provides transitional support to employers for Progressive Wages moves, by co-funding wage increases of lower-wage workers between 2022 and 2026.
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Extension of support from 1 April 2023 to 31 March 2024 for up to 70% of qualifying costs, capped at $30k, for adoption of pre-approved list of energy efficiency equipment for SMEs in Food Services, Food Manufacturing, or Retail Sectors.
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The Uplifting Employment Credit provides wage offsets to employers hiring ex-offenders.
Loans
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Extension of support for domestic projects for construction sector from 1 April 2023 to 31 March 2024.
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Receive greater financing support to bridge your working capital gaps. Maximum supported loan of $500,000.
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Extension of enhanced support for trade financing needs from 1 April 2023 to 31 March 2024, admist inflationary pressures. Maximum supported loan of $10 million, with 70% Government risk-share.
Toolkits / Programmes
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Enhanced deductions for R&D, innovation and capability development activities, with the option to partially convert to a cash payout in lieu of tax deductions.
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Under the CVS, businesses enjoy 250% tax deduction on wages and qualifying expenses when their staff volunteer or provide services to IPCs, including through secondments. Qualifying expenditure is subject to a cap of $250,000 per business per YA, and a cap of $100,000 per IPC per CY. The CVS (previously known as Business and IPC Partnership Scheme) was extended by three years to end-2026.
