The Budget 2015 and Your Business

YOUR VOICE

& THE

BUDGET 2015

POWERED BY THE 12TH SME DEVELOPMENT SURVEY

BY DP INFORMATION GROUP  

#1: INNOVATION  

of SMEs are looking at implementing innovation. 75%

2014 SME Development Survey DP Information Group

WHAT’S IN THE BUDGET 2015:

Capability Development Grant (CDG) to be made more accessible to companies •  Simplified application process for projects

below $30,000 •  Enhanced funding support level of up to 70% of

qualifying costs extended to 31 March 2018

To support SME innovation,

#2: GOVERNMENT FUNDING SCHEMES  

successfully applied for government schemes, of which 81%

2014 SME Development Survey DP Information Group

WHAT’S IN THE BUDGET 2015:

Productivity and Innovation Credit (PIC) Bonus to phase out after YA2015. Others schemes to benefit from: •  PIC scheme extended till YA 2018 •  PIC+ scheme introduced in Budget 2014

A successful transitional measure.

96% tapped on PIC

Schemes.

#3: MANPOWER  

of SMEs rated Manpower as their top cost affecting component.

2014 SME Development Survey DP Information Group

WHAT’S IN THE BUDGET 2015:

Wage Credit Scheme extended to 2017.

Enhanced Temporary Employment Credit (TEC) •  Raising TEC from 0.5% to 1% of wages in 2015. •  Extending TEC by 2years

Recalibrated Foreign Worker Levies – defer this year’s round of announced levy increases for S Pass and Work Permit Holders*.

*Exception of Work Permit Holder levies in Manufacturing and Construction sectors.

To adjust to rising costs as SMEs restructure,

84% BUSINESS CONCERN: Difficulty in hiring staff (49%) #1

YOUR VOICE; THE SME

DEVELOPMENT SURVEY

The annual Survey is the definitive quantitative research on Singapore’s SME community, with a record 2,836 SMEs taking part in 2014. The survey is conducted by DP Information Group (DP Info), Singapore’s leading provider of credit and business information services.

www.dpgroup.com.sg