Press Releases
Commencement Of Application Period For SME Rebate Scheme
29 June 2007
This article has been migrated from an earlier version of the site and may display formatting inconsistencies.
1. From 01 July 2007 - 31 July 2008, Small and Medium Enterprises (SMEs) that meet the eligibility criteria of the SME Rebate Scheme can apply for the rebates online at http://www.smerebate.gov.sg.
2. The SME Rebate Scheme was announced by the Government in Budget 2007 as a 2-year assistance scheme to help locally registered SMEs cope with the increase in employer CPF contribution rate of 1.5% that will take effect from 01 July 2007.
3. The rebates will be granted to locally-registered businesses that have:
Fixed Asset Investment (FAI) of less than S$15 million, and
Not more than 200 employees (for non-manufacturing firms)
4. Each eligible firm will receive rebates pegged to the total employer and employee CPF contributions paid by the firm over 2 years (01 July 2007 - 30 June 2009).
Table caption
1st Year (01 July 2007 - 30 June 2008) | |
|---|---|
Total CPF paid in 1st Year | Quantum of rebate |
First $40,000 | 2% of CPF paid (up to the maximum of $800) |
Next $40,000 | 1% of CPF paid (up to the maximum of $400) |
Table caption
2nd Year (01 July 2008 - 30 June 2009) | |
|---|---|
Total CPF paid in 2nd Year | Quantum of rebate |
First $40,000 | 1% of CPF paid (up to the maximum of $400) |
Next $40,000 | 0.5% of CPF paid (up to the maximum of $200) |
5. Details on the scheme are available on the SME Rebate Scheme Website at http://www.smerebate.gov.sg. For further enquiries, please email smerebate@cpf.sg
MINISTRY OF FINANCE