THE Singapore government will introduce a 50 per cent corporate income tax rebate in the year of assessment 2025, said Finance Minister Lawrence Wong in his Budget speech on Tuesday (Feb 18).
This will support the cash flow needs of companies as they adjust to structurally higher costs, said Wong, who is also the prime minister.
All active companies that employ at least one local employee last year will get a minimum benefit of S$2,000, with the total benefit for each company capped at S$40,000.
The government will also continue to share the commitment of uplifting the wages of lower-wage workers, by enhancing the Progressive Wage Credit Scheme.
The government’s co-funding levels for wage increases will be raised to 40 per cent from 30 per cent in 2025; and to 20 per cent from 15 per cent in 2026.
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