Singapore Takes Targeted Steps in Budget to Help Spur Growth
- Finance minister defers foreign-worker levies in marine sector
- Infrastructure spending accelerated, CIT rebates extended
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Singapore’s Finance Minister Heng Swee Keat outlined a set of targeted measures in his budget speech to help the struggling offshore and energy services industry and spur construction.
The government will bring forward S$700 million ($493 million) worth of infrastructure spending and defer levies on foreign workers in the marine and process sectors for another year, Heng told lawmakers on Monday. He also extended rebates on corporate income taxes.