Singapore Budget 2022 news alert

Local contact

Pui Ming Soh

19 Feb 2022
Subject Tax alert
Categories Tax update
Jurisdictions Singapore

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This alert highlights the key tax and non-tax measures impacting businesses.

While reverberations from the COVID-19 pandemic continued throughout 2021, vaccines, new technologies and progress on climate change showed there are plenty to be positive about. 

Against this backdrop, Budget 2022, which was unveiled by Finance Minister Lawrence Wong on 18 February 2022, seeks to help workers and businesses invest in new capabilities and advance our green transition. Significant enhancements were proposed to build a fairer and more resilient tax system, which include increasing the top marginal personal income tax rate from 22% to 24%.

Budget 2022 remains expansionary, with an expected overall deficit of S$3b (or 0.5% of Singapore's gross domestic product) for fiscal year 2022, which is slightly lower than the overall deficit of S$5b for fiscal year 2021. 

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