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Highlights of Singapore Budget 2010

The Minister for Finance, Mr Tharman Shanmugaratnam, delivered the Budget Statement for the Financial Year 2010 on 22 February 2010.
The Singapore 2010 budget entitled “Towards an Advanced Economy: Superior Skills, Quality Jobs, Higher Incomes” primarily focuses on investing in productivity and investing for inclusive growth
Here are the main goals the 2010 budget wishes to achieve as stated by the Minister of Finance in his speech:

1. Budget 2010 focuses on building up the capabilities needed to transform the economy over the next decade. The Government has accepted the key thrusts of the Economic Strategies Committee (ESC)’s recommendations. A new course for growth, based on skills, innovation and productivity is being developed.
2. The key goal is to grow productivity by 2% to 3% a year over the next decade. If the goal is achieved, real incomes can be raised by one-third, ten years from now. Budget 2010 provides a major investment for this future through the following three approaches:

• Raising Productivity by helping enterprises and workers to deepen skills and expertise, and to innovate to create more value;

• Growing Globally Competitive Companies by enabling companies to develop growth capabilities, commercialize their research and development (R&D) and to expand abroad; and
• Including All Singaporeans in Growth by continuing to build a society where everyone has the best opportunity to reach further and stretch his or her potential, and enjoy a better quality of life.

Studies by analysts have shown that the Singapore has resiliently overcome the financial recession period with and is now trying to develop on its success by working towards higher productivity. The Budget that has been charted out for year 2010 is an expansionary budget that builds upon the 2009 Budget. This year’s budget includes tax measures that help make Singapore and ideal destination for investment and business.
The government is confident that the new budget will help in greater development of the country and is proud to have announced a smaller budget deficit for the fiscal year starting April 1, 2010.

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