Budget 2022 roundup
This year’s Singapore Budget, presented on 18 February, is focused on preparing us for future challenges and opportunities so that we can continue to strengthen our competitiveness as a financial and business hub. Hear from Chris Woo, Tax Leader, PwC Singapore and Kor Bing Keong, GST Leader, PwC Singapore on their key takeaways from the Budget.
Hear from Chris Woo, Tax Leader, PwC Singapore and Kor Bing Keong, GST Leader, PwC Singapore on their key takeaways from the Budget.
Key themes
Active economy
Business measures in the Budget continue to be targeted at the SMEs, to lend a hand in their journey to digitalise and transform. The Government gave advance notice of an upcoming Minimum Effective Tax Rate (METR) regime given the impact that the BEPS 2.0 project will have on our corporate tax system, and the rules remain to be finalised. Corporate tax changes this year are thus limited. With the announcement of the intention to implement a METR regime, next year’s Budget could herald in a sea-change to our corporate tax system.
Beautiful environment
The Government’s message is clear - it is time to be bold if we want to achieve our climate goals and the stakes have never been higher. As we advance our green transition, Singapore will be able to tap into exciting possibilities from green technology innovation and emerging green sectors.
Caring society
Budget 2022 continues to deliver on our social compact, with a focus on supporting the most vulnerable, uplifting lower-wage workers, boosting retirement adequacy and ensuring access to quality and affordable healthcare. These are responsibly funded by a fair and progressive tax system that will not shift the burden to future generations.
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