What new support measures will Singapore announce for households and businesses?

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Singapore to Announce Further Support Measures for Households and Businesses

Deputy Prime Minister Heng Swee Keat is set to unveil additional support measures for households and businesses in Parliament on Monday, April 6. These new initiatives will build upon the financial assistance previously outlined in the February Budget and the subsequent Resilience Budget. This announcement comes as Singapore implements stricter measures to curb the spread of COVID-19, including the closure of most workplaces from Tuesday, with exceptions for essential services and key economic sectors.
Mandatory Passing On of Property Tax Rebates

A significant measure to be legislated will mandate landlords to pass on property tax rebates in full to their tenants. This follows the Resilience Budget announcement, which provided landlords of non-residential properties with a rebate of up to 100 per cent on their 2020 property tax. For many qualifying properties, this rebate is equivalent to more than one month's rent. The new legislation aims to ensure these rebates are transferred promptly, with failure to do so constituting an offence.
Temporary Deferral of Contractual Obligations

Parliament will also consider new temporary legislation to allow businesses and individuals to defer certain contractual obligations. This includes provisions for deferring rent payments and loan repayments, providing temporary relief to those facing financial strain due to the pandemic. The proposed Covid-19 (Temporary Measures) Bill seeks to make it an offence to pursue legal action against a party unable to meet their contractual obligations because of the pandemic, provided they issue a notice of their situation.
Broader Impact of New Legislation

The proposed legislation is expected to cover a wide range of contracts, offering protection to various sectors. This could include construction firms facing penalties for project delays and individuals or businesses impacted by event cancellations. The measures aim to provide a crucial buffer as the nation navigates the economic fallout from the pandemic and the implementation of circuit breaker measures.

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What new support measures will Singapore announce for households and businesses?

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