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Singapore Budget 2010
Singapore Budget 2010 Highlights * S$20.5 billion “resilience” package to try to save jobs, boost businesses. Package includes: * S$5.1 billion on training and other measures to save jobs. * S$5.8 billion to stimulate bank lending. * S$2.6 billion in grants and tax incentives to help firms * S$2.6 billion to support families * S$4.4 billion on infrastructure, education and health. * 2009/2010 budget deficit to be 6 pct of GDP, before accounting for transfers. * largest deficit to date. * will fund S$4.9 billion of stimulus package by tapping government reserves. * budget deficit for 2008/09 will be S$2.2 billion, or 0.8% of GDP. * Overall budget deficit for 2009/10 will be S$8.7 billion, or 3.5 percent of GDP. * cuts corporate income tax to 17 percent from 18 percent from Year of Assessment 2010, which will cost government S$400-S$500 million a year. * one-time 20 percent rebate on personal income tax for Year of Assessment 2009. * rules out cuts in employers’ contributions to Centra
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