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Singapore Budget Reaction: A Budget for businesses and individuals: Stanchart

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Here are the initial reactions to Singapore Budget 2015 by Standard Chartered Bank's Asia economist, Jeff Ng:

"The Budget ticks the boxes that Singapore businesses and individuals were concerned about. During our annual survey for Singapore-based clients in January, businesses were mildly optimistic but cautious about business prospects this year. Concerns about the domestic economy also rose significantly this year compared to previous years. The majority were focused on sustaining business revenue growth this year."

"There are some changes from prior Budgets to tailor to current trends. SkillsFuture is intended to deepen and build more skills to accommodate a changing economy. The freeze in foreign workers' levy is meant to assist with business costs in the short-term. The changes to the Central Provident Fund (CPF) are meant to ensure retirement adequacy for Singaporean workers. The Silver Support is aimed at a more inclusive society."

"For individuals, the enhancement to GST vouchers also aim for more inclusive growth and the high cost of living. There are also measures to help the middle class through indirect taxes."

"To address the need for higher development and operating expenditure and along the themes of inclusive growth, the government has proposed an increase of income taxes for top earners."

READ MORE: Singapore Budget 2015: Key policy measures

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