Singapore budget 2022 – charting our new way forward together

Budget 2022 was delivered by Minister for Finance, Mr. Lawrence Wong, to the Singapore Parliament on 18 February 2022.

The common theme throughout Budget 2022 is the pressing need for the Government to raise more revenue to fund its growing spending needs, particularly, in healthcare and social programmes in the face of the ongoing COVID-19 pandemic, a rapidly aging population, and its long-term climate goals of achieving net-zero emissions. As Government spending is expected to climb in the decade ahead and in view of the potentially negative fiscal impact of the OCED BEPS 2.0 project, adjustments to the Singapore tax system will be necessary to raise additional revenue in a sustainable fashion and move towards a more equitable revenue structure.

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For further inquiries regarding this alert, please contact:

Eugene Lim
Founding Principal, Taxise Asia LLC
+65 6304 7989