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Singapore Budget 2023 News Alert
This alert highlights the key tax and non-tax measures impacting businesses.
Singapore stepped down its COVID-19 restrictions on 13 February 2023, a signal that the worst of the pandemic is behind us. Singapore is now ready to move forward in a new era, as set out by Deputy Prime Minister and Finance Minister Lawrence Wong in his Budget 2023 speech on 14 February 2023.
Budget 2023 contains many measures to help Singaporeans seize new opportunities, strengthen the social compact and give assurance to families. To encourage innovation, businesses will be able to enjoy tax deductions of up to 400% or partial cash payout on qualifying activities carried out under the new Enterprise Innovation Scheme. The Government also reaffirms its intention to implement Pillar 2 of the Base Erosion and Profit Shifting 2.0 project with effect from 2025.
Singapore is projected to grow at a slower pace of 0.5% to 2.5% for financial year 2023. However, should downside economic scenarios materialise, the Minister has indicated that there are “drawer plans” in place to take swift actions.