More support for businesses and households

Singapore has announced a slew of support measures for both households and businesses in 2025, including vouchers and tax breaks, in its first budget under Prime Minister Lawrence Wong.

Wong said that this comes amid concerns over rising costs, given the rise in global inflation following the Russia-Ukraine war and disruptions in energy, food and supply chains.

Wong announced more consumption vouchers and utility rebates for households.

Each household will receive 800 Singapore dollars ($596) in consumption vouchers over the course of 2025.

On the business front, Wong announced a 50% rebate for corporate income tax for companies, with a minimum of SG$2,000 and a cap of SG$40,000.

The government will also increase co-funding levels for companies who raise the salaries of lower wage workers.

While Wong said that these measures, along with those announced in previous budgets, will mitigate the impact of rising costs, he added that “the best way to adjust to higher prices is to grow the economy and increase productivity, so that Singaporeans can enjoy higher real incomes and better standards of living.”

This is a developing story, please check back for updates.