IRAS encourages local enterprises to thrive
The Inland Revenue Authority of Singapore (IRAS) assisted more than 120,000 enterprises in Singapore through grants in FY 22/23.
These grants come under schemes such as the Jobs Growth Incentive (JGI), Progressive Wage Credit Scheme (PWCS), Senior Employment Credit (SEC), and Small Business Recovery Grant (SBRG).
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IRAS stated that S$2.7 billion of the S$4.6 billion was given under JGI to support over 68,000 businesses with local hiring. Around S$1 billion was used under the enhanced PWCS to give “transitional wage support for over 70,000 employers, with higher Government co-funding for lower-wage workers.”
Under the SEC, IRAS distributed S$319 million to 95,000 employers who hired Singaporean workers.
Additionally, the agency gave away S$136 million under the SBRG to 41,000 eligible small businesses that were most impacted by the COVID-19 restrictions. This is a one-off cash support in June 2022.
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