This year’s Singapore Budget, presented on 18 February, focused on preparing for future challenges and opportunities to strengthen its competitiveness as a financial and business hub.
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 the 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.
Keep up to date on how businesses can navigate this year’s Budget measures and read our key takeaways from the Budget.