Our Bureau
Singapore
The tariffs introduced by the President of the United States Donald Trump have shaken up the cross-border taxation scenario for many countries. Amidst the changes around the globe, the Singapore Indian Chamber of Commerce and Industry has shown its support to the timely introduction of the Business Adaptation Grant by the government.
The government has brought forward the Business Adaptation Grant to provide aid to local entrepreneurs through the constantly changing cross-border tax landscape which was heavily impacted by the trade tariffs introduced by the United States. The grant will help out Small and Medium Enterprises (SMEs) to navigate through international trades.
The Singapore Indian Chamber of Commerce and Industry (SICCI) has given out a statement, stating, “This grant is available to all local businesses, especially Small and Medium Enterprises (SMEs). This initiative reflects a proactive and strategic approach to supporting enterprises, particularly SMEs, as they face increasing complexities in international trade.”
This Thursday, 10th July, the Singapore Economic Resilience Taskforce (SERT) announced that the Government of Singapore is planning to launch the Grant in October this year. The government is looking to provide help to companies in the city-state to adapt to the new US tariff environment. As per the reports the grant will be capped at SGD 1,00,000 (USD 78,000) per company.
The Chairman of the Singapore Indian Chamber of Commerce and Industry, Neil Parekh has stated that the organisation is looking to work closely with government agencies to make sure the Indian business community benefits from this Grant.
“We will work closely with government agencies, particularly Enterprise Singapore, to ensure that businesses, especially those from the Indian business community, can effectively benefit from this initiative and develop sustainable trade strategies in response to the shifting global trade Environment,” Neil said.
