The Prime Minister and Finance Minister, Mr Lawrence Wong just unveiled the Singapore Budget 2025. Here are our reactions and comments on the Budget proposals.
AI-driven transformation presents both challenges and opportunities. The government’s continued commitment to invest in lifelong learning and strengthening SkillsFuture ensures that workers are equipped with the necessary skills to adapt, seize new opportunities, and contribute meaningfully to Singapore’s evolving economy.
Eu Chin Sien, Executive Director
Innovation and technology are key to overcoming resource constraints. The 2025 Budget’s support schemes will allow businesses to maximise the potential of digital transformation, ensuring that limited resources are optimally utilised for long-term success and growth.
Eu Chin Sien, Executive Director
The introduction of tax incentives for Singapore-based companies and fund managers to list and invest in Singapore's stock market is a strategic move to strengthen Singapore's position as a financial hub as well as addressing concerns over the appeal of the Singapore Stock Exchange.
Jackson Cai, Executive Director
This budget, spanning CDC & SG60 vouchers, LifeSG & SkillsFuture credits, adaptations for the physically challenged, technology & innovation initiatives, tax rebates, and the nuclear power development plan, embodies a comprehensive vision that balances economic growth with social well-being. A well-rounded plan that upholds fiscal responsibility while creating opportunities for growth, fostering an inclusive and forward-looking economy where everyone is supported, and no one is left behind.
Kylie Luo, Executive Director
The government's bold initiative in exploring nuclear energy demonstrates visionary leadership, placing long-term sustainability above short-term uncertainty. By considering nuclear power, the government reaffirms its commitment to securing a cleaner, more sustainable future.
Nelson Tan, Executive Director
Whilst higher government revenues are expected with the implementation of the minimum income tax, Singapore must remain vigilant to factors such as our capacity to retain large investors, and importantly, the effects of the new US administration’s withdrawal from the OECD’s minimum tax blueprint on the global tax landscape. We will stay adaptable and responsive, modifying our policies as necessary.
Elis Tan, Executive Director
60 years after independence, Singapore continues our quest to build economic heft - a power to shape our nation's future, and ability to secure our place in the global landscape. Budget 2025 refreshes Singapore’s value proposition, through fostering industrial strength, technological innovation, efficient resource management, and strategic geopolitical positioning.
Elis Tan, Executive Director
SGX's performance has not matched Singapore's rise as a financial hub. The Equities Market Review Group formed, coupled with the bourse’s new leadership, are welcome developments to reform the attractiveness of SGX in today’s competitive international capital markets.
Elis Tan, Executive Director
The extension of the Senior Employment Credit (SEC) by another year reinforces Singapore’s commitment to support the aging workforce. This initiative not only eases hiring costs for businesses but also encourages seniors to stay active in the workforce, contributing their experience and skills to the economy.
Elis Tan, Executive Director
The S$5 billion boost to the Future Energy Fund signals Singapore’s steadfast commitment to a sustainable, net-zero future. By investing in critical infrastructure like undersea cables and hydrogen terminals, Singapore is positioning itself as a leader in clean energy while ensuring long-term energy security and resilience.
Elis Tan, Executive Director
Pro-family budget – reduce childcare fees, personal income tax rebate aims at benefitting middle income earners, increase subsidies for long term care and grants for the seniors, all support Singapore families across different life stages, clearly no one is left behind.
Kylie Luo, Executive Director
New incentives for funds managers and tax rebate for Singapore companies seeking listing. These incentives align with the goal of enhancing the attractiveness of the SGX and fund management activities in Singapore.
Kylie Luo, Executive Director
The introduction of "listing incentives" reflects the Singapore Government's strong commitment to enhancing the country's capital markets and encouraging more companies to list locally. However, the incentive alone is not a magic solution, as the appeal of the capital market depends on various factors, including its liquidity and size.
Wong Sook Ling, Executive Director
The introduction of the Enterprise Compute Initiative is a game-changer for businesses which are looking at harnessing Artificial Intelligence (“AI”) effectively. By partnering with major cloud service providers, enterprises will gain access to cutting-edge AI tools, computing power, and expert consultancy and helping them integrate AI seamlessly into their operations.
Wong Sook Ling, Executive Director
Personal income tax rebate of 60% capped at $200, is to commemorate SG60. Only tax resident individual taxpayers who earned an annual chargeable income of above $33,800 will benefit the full rebate.
Wu Soo Mee, Executive Director
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