The federation said that it is glad with the budget package, which has taken into consideration both the short and long-term views of the country's economic welfare.
"It is heartening that the Singapore government took into account the SiTF's recommendations to ease high business costs," said Tan Yen Yen, chairman of SiTF.
"We welcome the tax reductions, rental rebates and job credits that allow Singapore to be competitive as an ICT hub and remain attractive for foreign companies."
Preparing for better times
The measures to promote innovation will provide companies, particularly SMEs, the opportunity to develop new areas of expertise in preparation of better times ahead, she said.