Singapore’s Budget Statement for 2024 has been delivered in Parliament by Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, on 16 February 2024. Themed “Building Our Shared Future Together”, Budget 2024 rolls out the first instalment of the Forward Singapore programmes.
Even as one tackles the challenges in taxation, an eye should be cast on the subject of wealth taxes in Singapore. Tax regimes need to be ‘fit for purpose’. BY LOH ENG KIAT
MS Explains: Chances are you are paying more personal income tax than you need to. Here's how you can use tax deductions and reliefs to reduce your tax, and in some cases, deduct it away completely.
IN PINPOINTING specific uncertainties to Singapore's revenue base in his Budget speech last year, Deputy Prime Minister and Finance Minister Heng Swee Keat pointed out then that there were "ongoing discussions to revise international tax rules under the Base Erosion and Profit Shifting (BEPS) project". Since then, he has continued to "double down" on how the BEPS project could significantly impact Singapore's tax fundamentals and cause it to lose corporate income tax revenue.