Singapore Budget 2024 News Alert

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

The Singapore economy grew 1.1% in 2023, slowing from the 3.8% expansion in 2022.For 2024, the economy is forecasted to grow between 1% to 3%, as the downside risks to the global economy remain significant.

In Budget 2024, titled “Building Our Shared Future Together”, Deputy Prime Minister and Finance Minister Lawrence Wong has set out the roadmap to keep Singapore moving forward, help Singaporeans meet their full potential and provide more assurance to households and businesses amid a more uncertain world.

Singapore will implement the Income Inclusion Rule and a Domestic Top-up Tax under Pillar Two of the Base Erosion and Profit Shifting 2.0 initiative, which will impose a minimum tax of 15% on in-scope entities from financial years starting on or after 1 January 2025. To enhance Singapore’s attractiveness for investments, Singapore will also introduce the Refundable Investment Credit, which will support up to 50% of qualifying expenditures.

There are no changes to the Goods and Services Tax and Personal Income Tax rates.

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