“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 enable, 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.
Jointly published with SBF
Read our Singapore Budget 2025 recommendations
New release
PwC - SBF joint recommendations:
Explore the four key themes
Building globally competitive and sustainable businesses
Strengthening workforce transformation through enterprises
Enhancing the business ecosystem for greater competitiveness
Strengthening business contribution to the social compact
Building globally competitive and sustainable businesses
We envision a future where Singapore businesses are not only competitive on the global stage but also prioritise sustainability, leveraging innovation and technology to drive growth while minimising environmental impact. This requires a concerted effort to support enterprises in achieving the scale needed to better compete globally, adopt cutting-edge technologies, and open up new markets for their products and services.
Strengthening workforce transformation through enterprises
Our people are our only and most precious natural resource – we need to double down on our efforts to nurture and enhance their skills. Our proposed measures aim to upskill and reskill our workers through the enterprises they serve. Building on the recommendations of the Alliance for Action (AfA) on Business Competitiveness report, we envisage fostering a culture of continuous learning and skills development with support for upskilling and reskilling initiatives, as well as creating pathways for workers to transition into new roles and industries. We must do all we can to ensure the skillset of our workforce remains adaptable, competitive, and relevant. At the same time, there is a need to address immediate manpower cost challenges businesses face during this period of enterprise and workforce transformation.
Enhancing the business ecosystem for greater competitiveness
The implementation of the Global Anti-Base Erosion Model Rules (Pillar Two) under BEPS 2.0 from January 2025 is likely to reduce the attractiveness of Singapore's traditional tax incentives. Therefore, there is an urgent need to enhance our business ecosystem, so it continues to be supportive and pro-business. We believe adjustments can be made to develop an enabling business environment by enhancing our tax regime in response to international developments, providing impetus to grow our capital markets, developing tools that facilitate transactions, and leveraging government and corporate procurement to drive business transformation. In so doing, Singapore will also attract more investments, foster innovation, and improve the global competitiveness of our businesses.
Strengthening business contribution to the social compact
We emphasise the importance of strengthening the business contribution to the social compact. We urge businesses to respond to the call for strengthening Singaporeans’ sense of solidarity and unity as we celebrate SG60 by giving back to society, whether through corporate social responsibility initiatives, community engagement, or supporting social causes. The government can play the role of a catalyst, fostering a culture of inclusivity and social responsibility where businesses can help build a more cohesive and resilient society.
Singapore Budget 2025
Visit our Budget page for the latest analysis and insights.
Contact us
