IRAS » Budget 2024 – Overview of Tax Changes

1. Budget 2024 – Overview of Tax Changes

Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, delivered his Budget Statement for the Financial Year 2023 on 16 Feb 2024.

Budget 2024 bolsters support for Singaporeans from all walks of life in several key areas. The suite of measures will:

• Tackle immediate challenges for households and businesses;
• Pursue better growth and jobs, and equip our workers for life;
• Create more paths for equality and mobility; and
• Provide more assurance for families and seniors, ultimately forging a stronger shared future. 

To help businesses to manage rising costs in wage bills, rental and utilities, our government has introduced several measures announced in Budget 2024:

1. Enterprise Support Package worth $1.3 billion consisting of the following:

• 50% corporate income tax rebate capped at $40,000 for YA 2024
• Enterprise Financing Scheme will be enhanced with their maximum working capital loan quantum permanently raised to $500,000. The Scheme will be extended until 31 March 2025 the enhanced maximum trade loan quantum as well as the government’s risk sharing of the project loans to support domestic construction projects.
• SkillsFuture Enterprise Credit will be extended by 1 year until Jun 2025.  With this extension, employers will have another year to claim any unused credit.

To strengthen our competitive advantages as a nation, the government has decided to do the following:

1. Invest $3B in Research, Innovation and Enterprise 2025.
2. Introduction of the Refundable Investment Credit (RIC);
3. Top up $2B to the National Productivity Fund;
4. Top Up $2B to the Financial Sector Development Fund;
5. Enhance the Partnerships for Capability Transformation Scheme

To invest in emerging technologies; our government will also:

1. Invest more than $1B over 5 years for the National AI Strategy 2.0
2. Upgrade the Nationwide Broadband Network from the present 1GBPs to 10GBPs.

To support enterprises in sustainability our government will do the following:

1. Extend and expand the Enterprise Financing Scheme – Green
2. Expand the Energy Efficiency Grant to more sectors

For more information, please refer to:

1. Budget-2024 – Overview of tax changes

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