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How the Singaporean Government and the Inland Revenue Authority of Singapore assisted both businesses and taxpayers...

How the Singaporean Government and the Inland Revenue Authority of Singapore assisted both businesses and taxpayers during the Covid-19 crisis.  

  1. In your opinion, did the Government act swiftly enough?
  2. In your opinions, was the assistance enough or could the Government have provided more?

Solutions

Expert Solution

The Singaporean Government , in light of the novel coronavirus pandemic has introduced various financing support, tax and other temporary relief measures designed to help singapore businesses survive the dramatic short-term effects of COVID-19.Measures include the following

  • Providing financial support in the form of the Temporary Bridging Loan Programme
  • The Enterprise financing Scheme
  • SME Working Capital Loan
  • In addition, the COVID-19 Act 2020 was enacted on 7 April 2020 to provide Singapore businesses temporary relief from legal action for inability to perform obligations under certain contracts and increased thresholds for insolvency in respect of financially distressed businesses.
  • Loan Insurance Scheme-Enterprises can secure short-term trade financing loans via LIS from PFIs.
  • Tax and other Relief measures.
  • Temporary Relief for inability to perform Contracts.
  • Temporary Relief for Financially Distressed Businesses.

It is appreciable that the Government is taking every measure to support small and medium enterprises and providing financial support by giving loans.With this there is a sign of safegaurd the small business.The government can also take measures to avoid closure of small business by giving subsidies.

jeff jeffy answered 1 year ago
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