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PwC's proposals for Singapore Budget 2024
Supporting businesses, the environment and workers
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Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, will deliver Singapore’s FY2024 Budget Statement on Friday, 16 February 2024 in the Parliament. What will this year's budget mean for our economy, society and you?
Supporting businesses, the environment and workers
To further enhance Singapore’s competitiveness, we have proposed certain measures to be considered for Budget 2024 with the view to bolstering foreign direct investments and fortifying our business environment.
Our proposals span across three topic areas - the future of business, sustainability and transformation. It includes implementation of a refundable tax credit framework to level the playing field for multinational enterprises subject to global minimum tax, introduction of a participation exemption for gains on the disposal of foreign assets, and measures related to sustainability and workforce to promote economic development.
Supporting businesses
The future of business relies on the Government taking key initiatives to enable businesses to do business.
Across our budget proposals, we share our considerations, including:
Supporting sustainability
In the current business environment, there is an increasing stakeholder expectation for businesses to be responsible from environmental and social perspectives.
Businesses must assess and reduce their unfavourable environmental and social impacts to embark on their sustainable journey. We have the following tax policy considerations for the Government:
Supporting workforce
The impact of a rapidly ageing domestic population and constraints to workforce growth are not isolated to Singapore; however, we must address these issues through relevant tax measures and incentives to support our population and workforce.
We share several measures in our proposals to support the economy, including:
- Recalibration of earned income relief and one-off tax rebate
- Income relief for working mothers
- Mandatory leave for family and parent care
- Flexible work post-maternity leave
- Government subsidised Mental Health Scheme
- Chronic illness leave
- Wage support for caregivers re-entering the workforce
- The extension of senior employment credit
- Additional SkillsFuture Credits for workers aged 65 and over
Contact us
Managing Partner, Customs and International Trade at PwC Worldtrade Management Services, PwC Singapore
+65 9750 7745
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