Singapore Budget 2024 – Building our Shared Future Together

On 16 February 2024, Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, presented Singapore’s Budget 2024 (“Budget 2024”) to the Singapore Parliament. Budget 2024 is a broad-based budget to deal with the challenges of geopolitical tensions and a weak global economy. It introduces strategic initiatives to address rising business costs, enhance competitiveness, and promote sustainability.

Key highlights include targeted tax changes to support business growth, technology adoption, and sustainability practices, positioning Singapore as a leader in innovation. Budget 2024 also focuses on strengthening local enterprises, developing essential worker skills, and fostering workforce equality.

Budget 2024 is expected to be a balanced budget which is a welcomed reversal from the budget deficit in financial year 2023. We discuss in this client alert selected fiscal measures in Budget 2024 affecting businesses and individual taxpayers. These measures are aimed at:

• Fulfilling Singapore’s international tax commitments;
• Keeping Singapore’s economy competitive, promoting innovation and sustainability; and
• Providing support for businesses and individual taxpayers facing raising business costs and cost-
of-living concerns.