Policies within Singapore Budget 2024 aim to improve business costs and competitive advantage with new tax measures and wage subsidies.
Singapore’s commitment to implement corporate tax changes under Pillar 2 of BEPS 2.0 was first announced in Budget 2023. Since then, several jurisdictions have made moves to implement tax changes related to Pillar 2. These include markets such as the European Union, the United Kingdom, Switzerla...
Global Implementation and Singapore’s Commitment:Singapore’s commitment to implement corporate tax changes under Pillar 2 of BEPS 2.0 was first announced in Budget 2023. Since then, several jurisdictions have made moves to implement tax changes related to Pillar 2. These include markets such as th...
Corporate Income Tax (“CIT”) Rebate for the Year of Assessment (“YA”) 2024 CIT Rebate of 50% of tax payable will be granted for YA 2024. Companies that have employed at least one local employee in 2023 will receive a minimum benefit of $2,000 in the form of a cash payout (“...
He said that Singapore's corporate tax system will need to be updated due to global tax developments relating to the Base Erosion and Profit Shifting initiative, or BEPS 2.0, which has two pillars. The Pillar 2 introduces, amongst others, a global minimum effective tax rate of 15 percent for...
Singapore could broaden the definition of qualifying IP for corporate tax purposes and enhance the IP Development Tax Incentive. This could include incorporating a wider range of IP for writing down allowances such as customer lists and other marketing intelligence on approval basis. The IP Developmen...
There is no change to the corporate income tax rate, which is 17%. However, in response to the Global Anti-Base Erosion (GloBe) rules under Pillar 2 of the OECD/G20 Base Erosion and Profit Shifting 2.0 project, Singapore is exploring a minimum effective tax rate (METR) that will t...
Explore our proposed Singapore Budget 2024 recommendations by KPMG in Singapore and the Singapore Business Federation(SBF). Our proposal presents a strategic blueprint for enduring prosperity as we advance Singapore forward. More KPMG's SG Budget 2024 Insights ...
Ching Ne, PwC’s Partner and Corporate Tax Leader unveils the benefits of the Government’s investment arising from the National AI Strategy 2.0 and how it impacts Singapore enterprises in the journey of AI innovation. Follow us
Corporate tax incentives and deduction schemes Artificial Intelligence Continued support for uplifting of the workforce Additional Buyer’s Stamp Duty for housing developersEverywheregreen Budget 2024 also underscores Singapore's commitment to environmental sustainability and climate resilience. In setting aside ...