We are pleased to share our insights on Singapore Budget 2025, unveiled by Prime Minister and Minister for Finance, Lawrence Wong, on 18 February 2025. Under the theme “Onward Together for a Better Future Tomorrow,” this Budget 2025 underscores the Forward Singapore agenda, fostering collaboration among businesses, individuals and the Singapore Government to bolster the nation’s resilience and competitiveness.

The tax measures and reliefs introduced aim to drive sustainable economic growth and shared future, addressing current challenges while laying the groundwork for a stronger, more inclusive future. These include:

Tax Measures for Corporate Taxpayers and Businesses:

• Primary and Secondary Listings in Singapore: To promote Singapore’s equities market, the Singapore Government has introduced certain tax incentives, including a Corporate Income Tax (CIT) rebate for new corporate listings and enhanced Concessionary Tax Rates (CTR) for fund manager listings.
• Business Tax Measures: Targeted business tax initiatives include tax deductions for payments under approved cost-sharing agreements for innovative activities, along with extensions of the CIT rebate and cash grants, aiming to stimulate business growth and innovation.
• Tax Concessions for Specific Taxpayers and Industries: New CTR tiers under the Financial Sector Incentive (FSI) Scheme and the introduction of the Approved Shipping Financing Arrangement (ASFA) Award are designed to attract and retain key industry players.
• Exemption of Withholding Tax and Remission of Indirect Tax: Extensions of withholding tax exemptions for ship and container lease payments to non-resident lessors, along with GST remissions for Real Estate Investment Trusts (REITs) and Singapore-Listed Registered Business Trusts (RBTs), aim to enhance Singapore’s attractiveness as an investment hub.

Tax Measures and Reliefs for Individual Taxpayers:

• The Budget introduces enhancements to the Personal Income Tax Rebate as part of the SG60 package.

Download our commentary now to understand the implications of these updates or email our tax team at [email protected] if you need help on how to maximise your tax position with these latest announcements.

In our commitment to keeping you abreast of pivotal developments, we are pleased to present our commentary of Singapore’s Budget 2024, unveiled by Deputy Prime Minister and Finance Minister Lawrence Wong on 16 February 2024, themed “Building Our Shared Future Together”.

Reflecting on the fiscal year 2023, Singapore exceeded revenue expectations, primarily driven by higher Corporate Income Tax collections.

Against this positive backdrop, Budget 2024 is strategically positioned to propel the Forward Singapore agenda. Our detailed Singapore Budget 2024 Commentary delves into the key tax measures affecting both businesses and individuals.

Key tax measures for businesses

• Singapore’s Implementation of Pillar Two of Base Erosion and Profit Shifting (BEPS) 2.0 initiative
• Introduction of the Refundable Investment Credit (RIC) Scheme
• Introduction of Corporate Income Tax (CIT) Rebate and CIT Rebate Cash Grant
• Enhancement of Tax Deduction for Renovation or Refurbishment (R&R) Expenditure
• Extension and Revision of Tax Incentive Schemes for Qualifying Funds
• Introduction of Alternative Basis of Tax for Three Maritime Sector Incentive (MSI) Sub-schemes
• Introduction of Additional Concessionary Tax Rate (CTR) Tiers

Key tax measures for individuals

• Introduction of Personal Income Tax Rebate
• Increasing Annual Income Threshold for Dependent-Related Relief
• Impending Lapse of Course Fees Relief (CFR)
• Removal of Tax Relief for CPF top up qualifying for Matched Retirement Saving Scheme (MRSS)

Other key tax measures

• Introduction of Overseas Emergency Humanitarian Assistance Tax Deduction Scheme (OHAS)
• Withdrawal of Income Tax Concession on Royalty Income

As we collectively navigate the Forward Singapore agenda, understanding these fiscal changes becomes paramount. Download our commentary now to stay informed and ahead.

As Singapore moved into a post-pandemic era, the Singapore 2023 Budget focused on building capabilities and seizing opportunities in a new era of global development. The budget centred on 3 key thrusts – growing the economy, strengthening social compact and building collective resilience. We’ve summarised the key changes that you’ll need to be aware of, in order to maximise the benefits for your company.

To discover insights and updates on the tax incentives announced that will implicate your tax planning, download our Singapore 2023 Budget Report.

If you have any questions relating to the information contained in this report, please contact our tax advisors via email or call us at +65 6536 5355.

Remote working is one of the most significant changes brought about by the pandemic. Research have shown that more than 70% of workers across Asia want flexible remote work options to continue as part of the ‘new normal’.

As a people-focused organisation, BoardRoom proactively embraced this new preference and took on the challenges in transitioning to a hybrid working arrangement for our employees.

Through our experience, we’ve gained new perspective and tips in ways to navigate the remote working arrangement and even multiply our productivity.

To encourage more companies to join us on our journey and share our experience with our clients and others, we have compiled a comprehensive remote working guidebook which details the important considerations from both employee and management’s opinion.

Some of the areas covered, together with key take-aways and tips, include:

• Navigating hybrid work
• Organising time
• Managing distractions
• Juggling work and family
• Supporting mental wellbeing
• Maintaining physical health

Do take a read and download our Remote Working Guidebook today to capitalise on our experience and lessons learned.

We hope that your journey into hybrid working will be a pleasant and favourable one like ours

The 2022 Singapore Budget revealed a number of key initiatives that revolved around investing in new capabilities, renewing & strengthening social compact, advancing green transition, and building a fairer and more resilient tax system. As always, there will be tax planning implications for your business. We’ve distilled down the main changes that you’ll need to be aware of in order to maximise the benefits for your company.

You can download the full Singapore Budget 2022 Report below to understand the implications on your corporate tax planning.

If you have any questions relating to any of the information contained in this report, please contact our tax advisors via email or call us at +65 6230 9788.