IRAS supports businesses and individuals during COVID-19
Beyond tax collection, IRAS played its part by disbursing enterprise grants on behalf of the Government to support businesses, jobs and wage growth for Singaporeans during COVID-19
In FY2021/22, we disbursed a total of $8.2 billion under various schemes including the Wage Credit Scheme (WCS), Jobs Support Scheme (JSS), Jobs Growth Incentive (JGI) and Rental Support Scheme (RSS). We worked closely with many partners, including CPF Board, economic agencies, and the Ministry of Finance, to enable the disbursement which supported businesses through the COVID-19 crisis:
- $840 million in WCS payouts to more than 99,000 employers on qualifying wage increases.
- $3.1 billion in payouts to over 130,000 businesses under the JSS.
- $2 billion in JGI payouts to over 74,100 employers.
- $1.1 billion in payouts under the RSS to over 140,000 eligible tenants and owner-occupiers.
Said Mr Andrew Lee, Chief Executive of Seoul Garden Group, of the support: “Cash flow is like oxygen. It helps F&B SMEs survive in these uncertain times”.
Mr Lee added that the company’s staff have remained employed while its customers continued to be served. Going forward, IRAS must continue to excel in its dual role of tax collection and enterprise disbursement.
As IRAS celebrates its 30th year as a statutory board this year, it is committed to its role as a trusted partner of taxpayers in nation-building, with an efficient system of tax collection, seamless and convenient taxpayer services, as well as a high level of tax compliance.
“We will continue our transformation to be the leading tax revenue authority in the world, partnering the community, and contributing to nation building and inclusive growth.” said Mr Ng Wai Choong, Commissioner of Inland Revenue/Chief Executive Officer.