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Singapore budget highlights 2024
Nexia Singapore’s team have developed a concise deck outlining the key highlights from the Singapore 2024 Budget statement, including:
Lawrence Wong, Singapore’s Deputy Prime Minister and Minister for Finance, recently announced the country’s annual 2024 Budget statement (Budget) and introduced several measures. In an era of global uncertainty amidst geopolitical tensions, the Budget aims to support Singaporeans and businesses in addressing immediate challenges surrounding the local, regional and global economies, while preparing for long-term sustained growth. It focuses on investments in cost-of-living relief, workforce development and skills training, as well as promoting sustainability for the future.
Here are two such measures which businesses can look forward to – (1) Singapore’s headline tax rate is 17% and for the Year of Assessment 2024, qualifying corporate taxpayers will enjoy a 50% tax rebate, capped at a very generous SGD40,000. (2) The Singapore Government introduced the Refundable Investment Credit scheme, which seeks to enhance Singapore’s attractiveness for investments and encourages companies to make sizeable investments that will bring substantive economic activities to Singapore, in key economic sectors and new growth areas. The credits are to be offset against Corporate Income Tax payable and any unutilised credits will be refunded to the company in cash when the company satisfies the conditions for receiving the credits.
If you or your clients wish to learn about the measures, are interested in investing in Singapore or have any questions about Singapore’s business opportunities, please email us at enquiry@nexiasingapore.com. We would be happy to help.
If you want to read more, please click here: Singapore 2024 Budget Highlights deck
For more information, please contact:
Fidelis Pang
Tax Advisor
Nexia Singapore
E : fidelis.pang@nexiasingapore.com
W: www.nexiasingapore.com
