Budget 2024: Summary of key tax changes
23 February 2024
On 16 February 2024, Singapore Deputy Prime Minister and Minister for Finance Lawrence Wong delivered the Budget Statement for financial year 2024 with a focus on providing support for businesses, driving growth, and keeping the Singapore economy innovative and vibrant. The Minister announced various initiatives and changes aimed at enhancing Singapore’s attractiveness for investments, growing the economy, equipping workers, and strengthening the social compact.
Our Tax Update provides an overview of the key tax changes that were announced and other changes impacting businesses:
- Corporate income tax
- New Refundable Investment Credit
- Implementing Income Inclusion Rule and Domestic Top-up Tax under Pillar Two of BEPS 2.0 initiative
- Tax changes to maintain a fair and competitive tax system
- Additional Buyer’s Stamp Duty (ABSD) changes for housing developers
- Property tax changes
- Promoting giving and assistance
- Central Provident Fund (CPF) changes
- Investing in emerging technologies
To read the Tax Update, click here.