Global Trade Alert
Global Trade Alert

Singapore: 6th round fiscal stimulus to ease the impacts of COVID-19 pandemic

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

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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...
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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...
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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 w...
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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 ...
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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...
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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 ...
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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$500 million (USD 377.1 million) to be co-invested with Temasek in a Local Enterp...
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Announced: 16 Feb 2021
Financial grant In force
On 16 February 2021, Singapore provided a stimulus package to ease the impact of the COVID-19 pandemic. Under this package, Singapore provided S$ 133 million (USD 100.4 million) in the form of the COV...
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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 econom...
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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 Lo...
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