Classifying Moneychanging Business as Tier 1 Sector under Travel and Tourism

6 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.