Everybody’s Budget; everybody’s birthday, again
Many business owners will undoubtedly appreciate such a carefully crafted Budget that enhances our technology and innovation engines, while providing respite from costs pressures.
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“Nothing is certain except for death and taxes,” add “change” to the equation. Whether it’s change in global geopolitics, supply chains, technology or other areas, any country will need well-considered Budget measures that embraces such change while encouraging economic growth.
Likewise, any business will need to be not just reactive, but proactive – human led, tech enabled, and agile enough to embrace business transformation and reinvention to meet the future head on.
This Budget, we bring strategic insights for businesses aiming to capitalise on Singapore Budget 2025. It’s time to act now and progress together! Our goal is to support your transformation, equipping you to not only adapt, but to get ahead and stay ahead.
Our commentary, 'Act Now, Progress Together', delves into the pivotal announcements and strategic initiatives outlined in Budget 2025. It is structured around the three core pillars that resonate deeply with our national ethos and future aspirations.
As we navigate the complexities of the present and chart our course for the future, let us embrace the spirit of never giving up and seize the opportunities that lie ahead. We can act now and progress together towards a brighter, more inclusive and resilient tomorrow.
Many business owners will undoubtedly appreciate such a carefully crafted Budget that enhances our technology and innovation engines, while providing respite from costs pressures.
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Today’s status quo may not be enough to get us where we need to go tomorrow. We can expect technological disruption, in particularly AI, will continue to compel companies to change the way they operate and deliver value.
Companies that have the flexibility and resilience to keep reinventing themselves – be it through their products and services, business or operating models – will be the ones that succeed. Government and industry support to help companies do this will go a long way as some industries continue to work through short term revenue and resourcing challenges.
Many business owners will undoubtedly appreciate such a carefully crafted Budget that enhances our technology and innovation engines, while providing respite from costs pressures.
Discover what this year's Budget means for you and your business.
The Approved Shipping Financing Arrangement award offers withholding tax exemptions for Singapore-based ship and container owners/ managers. The Maritime Sector Incentive is extended to 2031, with enhancements to support industry developments.
The Double Tax Deduction for Internationalisation Scheme is extended to 31 December 2030. The withholding tax concession for non-resident arbitrators and mediators lapses after 31 December 2027. The Mergers and Acquisitions scheme is extended to 31 December 2030, maintaining current conditions and exclusions.
Electric vehicles are not subject to fuel excise duties, unlike internal combustion engine vehicles. To balance revenue loss, the Additional Flat Component was introduced in Budget 2020 and extended to electric heavy goods vehicles and buses from January 2026.
Companies get a 50% tax rebate for 2025. Non-profitable firms with local hires in 2024 receive a $2,000+ cash grant, with benefits up to $40,000.
Marcus Lam
Executive Chairman, PwC Singapore
Patrick Yeo