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While we are still in the extended Circuit Breaker period, which is anticipated to end on 1 June 2020, businesses and individuals may want to review their respective positions to ensure they are not missing out on the support measures that have been announced by the Singapore Government in the past few months.
A GST Perspective: COVID-19 and Potential Opportunities to Optimise Cashflow
By: Yvonne Chua, Partner, Goods and Services Tax
Amy Sim, Senior Manager, Goods and Services Tax
More than three million people worldwide have been infected with COVID-19 and the number of confirmed cases in Singapore have crossed the 20,000 mark as at the beginning of May 2020. The circuit-breaker period has been extended to 1 June 2020 and tighter circuit breaker measures such as closing of more workplaces were also implemented to curb the spread.
While it was announced that the Government will be easing some of the circuit breaker measures, the fight against the virus will be a long battle. During such testing times, businesses especially the Small and Medium-sized Enterprises with limited resources are more vulnerable than ever. When economies eventually reopen, many businesses may also struggle to recover from the crisis.
Hence, it is critical for businesses to reduce their costs and find ways to improve their cash flow to ensure that they stay financially viable to survive the crisis. From a GST perspective, there are opportunities for businesses to optimise cashflow and to improve the financial liquidity of businesses. While these are not new, it is time for businesses to reconsider their options.
Download A GST Perspective: COVID-19 and Potential Opportunities to Optimise Cashflow
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