Singapore Budget 2024
Resource Centre
Laying the Foundations for a Better Tomorrow, for All.
In the Budget 2024 statement, delivered on 16 February 2024 by Singapore's Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, the Government outlines its plans to support and empower Singaporeans, giving them confidence in dealing with challenging global situations.
The statement prioritises key areas, from providing cost-of-living relief to making investments in workforce development and skills training. Furthermore, it underscores a forward-looking commitment to advancing artificial intelligence and sustainability as pivotal drivers for growth and transformation, contributing to a resilient and promising future.
We have developed a Resource Centre for Budget 2024, outlining the key tax and non-tax changes announced this year. This resource centre will be updated with new media, as well as new information and clarifications provided by the Inland Revenue Authority of Singapore (IRAS) and other government agencies on the key measures announced, as they become available. We invite you to visit again to explore the latest developments.
Budget Highlights
- Singapore will implement Income Inclusion Rule and Domestic Top-Up Tax under Pillar Two of the Organisation for Economic Co-Operation and Development’s Base Erosion and Profit Shifting 2.0 Initiative from businesses' financial year starting on or after 1 January 2025.
- For the Year of Assessment 2024, eligible companies will receive a 50% Corporate Income Tax (CIT) Rebate, with those having employed at least one local worker in 2023 qualifying for a minimum $2,000 CIT Rebate Cash Grant, and the combined maximum benefit capped at $40,000.
- New Refundable Investment Credit Scheme to enhance Singapore’s attractiveness for investments by encouraging companies to make sizeable investments that bring substantive economic activities to Singapore in key economic sectors and new growth areas.
- For the Year of Assessment 2024, all tax resident individuals will receive a 50% Personal Income Tax (PIT) Rebate, with a maximum cap of $200 per taxpayer.
- Enhancement to various schemes such as the Enterprise Financing Scheme, Progressive Wage Credit Scheme and the Energy Efficient Grant.
