Deputy Prime Minister and Finance Minister Mr Lawrence Wong tabled the Singapore Budget 2024 in Parliament on 16 February 2024. Themed “Building Our Shared Future Together”, the Budget laid out S$131.4 billion, about 18.3 per cent of Singapore’s gross domestic product (“GDP”), to achieve the shared goals of building a vibrant and inclusive, fair and thriving as well as resilient and united nation. Therefore, concrete steps to build our shared future together will be taken:
- Tackling immediate challenges for households and businesses;
- Pursuing better growth and jobs and equipping our workers for life;
- Creating more paths for equality and mobility; and
- Providing assurance for families and seniors.
Measures to secure a strong fiscal position for Singapore include tax changes proposed to address concerns over high business costs and escalating cost of living. Highlights of key tax changes are detailed in this bulletin.
The implementation of Pillar 2 of the Inclusive Framework on Base Erosion and Profit Shifting is on track for 2025 via two components: first, the Income Inclusion Rule (“IIR”) followed by the Domestic Top-up Tax (“DTT”). The IIR and DTT will apply to large multinational enterprise groups with global revenue of at least €750 million annually.
With cautious optimism, Singapore is budgeting a small surplus of S$0.8 billion or 0.1% of GDP for the financial year 2024.
Overall, it is a Budget which provides support to all, benefiting everyone in one way or another, with short-term concerns addressed while paving the way for long-term goals. Read the key highlights on our Budget 2024 Bulletin.