Three months, three budgets: Singapore's response to COVID-19 from a tax perspective

Hogan Lovells

The Singaporean response to the COVID-19 outbreak has been comprehensive and coordinated. The 18 February 2020 "Unity Budget" introduced a raft of measures designed to help protect jobs and businesses from the economic fallout of the outbreak. As it became clear that the situation was by no means a quick-fix, on 26 March 2020 a second stimulus package dubbed the "Resilience Budget" was announced, followed swiftly on 6 April 2020 by a third enhancement package dubbed the "Solidarity Budget." To date, the government has deployed SG$60+ billion (US$42+ billion) in measures aimed at alleviating the effect of the deadly virus on the city state's economy.

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