Classifying Moneychanging Business as Tier 1 Sector under Travel and Tourism

Assoc Prof Jamus Jerome Lim asked the Deputy Prime Minister and 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.

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.