Singapore’s economy has been transformed and future-proofed in recent budgets. With the COVID-19 pandemic overtaking the world in the last year, the need for change has become even more pressing, and the window for implementing has reduced.
Budget 2021 shifts gears from emergency COVID-19 support to accelerating the transformation of Singapore’s businesses and workers towards the new normal. In addition to targeted measures supporting hardest hit industries, a myriad of new and enhanced measures have been announced that focus on helping companies innovate, raise capital and harness potential in the region. Steps were taken for Singapore’s workforce to deepen skills and expand employability, while building a more sustainable and cohesive society.
This year, Singapore’s Budget was delivered by Deputy Prime Minister and Minister for Finance, Mr. Heng Swee Keat on Tuesday 16 Feb 2021 at 3pm in the parliament.
Opening statements of the budget 2021
- COVID-19 pandemic has had an influence on both the demand and supply of our country.
- In the year 2020, Singapore’s Gross Domestic Product (GDP) shrank by 5.4 %
- Overall, we have a $64.9 billion budget deficit, or approximately 13.9 % of our GDP.
- Singapore responded by introducing a variety of fiscal, monetary, and transitional policies. As a result, we were able to avoid a worsening recession and preserve Singaporeans’ employment and lives.
- Singapore ended up saving close to 155,000 jobs on average.
Singapore’s response during COVID-19
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- Singapore is now adopting restructuring measures and moving from containment, following a number of effective and successful initiatives to deal with the pandemic
- The global battle is far from over all Singaporeans must realise now. The recovery will be slow and fraught with uncertainty.
Accounts Receivables Management
As the firm’s operations expand, the account receivable-related accounting work that the Singapore company requires becomes the responsibility of a qualified individual.
Collection Services
Every firm relies heavily on cash flow. Getting paid on time is one of the most important aspects of any successful business. Accounts that are past due can take you away from your essential business operations.
Bookkeeping
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