Ministerial statement: Jeffrey Siow on impact of Middle East situation on Singapore
The government is "not waiting to act" - it will supplement what was announced for Budget 2026 with a further package to support businesses and households, said Acting Transport Minister and Senior Minister of State for Finance Jeffrey Siow. To support the transport sector, the government will disburse S$200 in cash to active platform workers, private-hire car drivers and taxi drivers from the end of April. As for businesses, it will enhance the corporate income tax rebate from 40 per cent to 50 per cent for the Year of Assessment 2026, raise the minimum benefit that a company with at least one local employee will receive from S$1,500 to S$2,000, as well as raise the total benefits cap for each company from S$30,000 to S$40,000. To help households manage costs, the government will bring forward the disbursement of the S$500 CDC vouchers from January 2027 to June this year, as well as increase the Cost-of-Living Special Payment by S$200, bringing the total quantum to between S$400 and S$600 per person. About 2.4 million Singaporeans will receive this additional payment in September. Mr Siow, who highlighted these measures in parliament on Tuesday (Apr 7), said the government has put together a “substantial first response” to the energy crisis caused by the Middle East conflict - of close to S$1 billion in additional measures.
The government is "not waiting to act" - it will supplement what was announced for Budget 2026 with a further package to support businesses and households, said Acting Transport Minister and Senior Minister of State for Finance Jeffrey Siow. To support the transport sector, the government will disburse S$200 in cash to active platform workers, private-hire car drivers and taxi drivers from the end of April. As for businesses, it will enhance the corporate income tax rebate from 40 per cent to 50 per cent for the Year of Assessment 2026, raise the minimum benefit that a company with at least one local employee will receive from S$1,500 to S$2,000, as well as raise the total benefits cap for each company from S$30,000 to S$40,000. To help households manage costs, the government will bring forward the disbursement of the S$500 CDC vouchers from January 2027 to June this year, as well as increase the Cost-of-Living Special Payment by S$200, bringing the total quantum to between S$400 and S$600 per person. About 2.4 million Singaporeans will receive this additional payment in September. Mr Siow, who highlighted these measures in parliament on Tuesday (Apr 7), said the government has put together a “substantial first response” to the energy crisis caused by the Middle East conflict - of close to S$1 billion in additional measures.
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