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Ministry of Finance (MOF)
Parliamentary Replies

Classifying Moneychanging Business as Tier 1 (Travel and Tourism Sector) under JSS

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Budget (JSS)

5 January 2021

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Parliamentary Question by Assoc Prof Jamus Jerome Lim:

To ask the Minister for Finance with regard to the Government’s classification of travel and tourism as Tier 1 sectors based on the degree to which the industry has been affected by the COVID-19 situation, whether the Ministry will consider the inclusion of the moneychanging business in the same tier.

Parliamentary Reply by Deputy Prime Minister, and Minister for Finance Mr Heng Swee Keat:

Licensed moneychangers that derive more than two-thirds of their revenue from money-changing services are already classified as Tier 1 under the Jobs Support Scheme (JSS). This is in recognition that these firms are heavily reliant on travel and tourism. The list of industries that are eligible for Tier 1 and Tier 2 JSS support, as well as the corresponding criteria, can be found on the Inland Revenue Authority of Singapore’s website. 

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