Summary of key changes

The Singapore Budget announcement by Deputy Prime Minister and Minister of Finance Mr Lawrence Wong on Tuesday, 14 February covered key areas that Singapore needs to focus on in order to sustain growth.

For businesses

  • For businesses
    • Extension of various incentive schemes
    • Withdrawal of tax deductions
    • Extension and refinement of the QDS Scheme
    • Extension and refinement of the ASPV Scheme
    • Extension and refinement of the Double Tax Deduction for Internationalisation Scheme
    • Introduction of EIS
    • Enhancement of the ‘Business & IPC Partnership Scheme’ into ‘Corporate Volunteer Scheme’
    • Capital allowance claims over two years for YA 2024
    • Accelerated deduction for renovation or refurbishment expenditure for YA 2024
    • OECD’s BEPS Pillar 2 implementation targeted for 2025

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  • Others
    • Philanthropy Tax Incentive Scheme for Family Offices
    • Extension of the 250% Tax Deduction for qualifying donations to Institutions of a Public Character and eligible institutions
    • Increase in BSD for higher-value residential and non-residential properties
    • ARF charges and PARF rebates

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For individuals

  • For individuals
    • Change in method of calculating WMCR
    • Updated conditions to GCR claim
    • Lapse of FDWLR
    • Changes in CPF
    • CPF contributions for platform workers

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Grant Thornton's Singapore Budget 2023 and Beyond seminar

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Grant Thornton's pre-budget feedback and recommendations

This document highlights the feedback and proposals that Grant Thornton has submitted to the Ministry of Finance (MOF) for consideration prior to the 2023 Singapore Budget and beyond.

The suggestions fall into four broad themes:

  1. Navigating a volatile and complex world
  2. Strengthening our social compact
  3. Building a resilient nation
  4. Simplifying and enhancing our tax system.

The feedback includes ways to grow Singapore as an environmental, social and governance hub, strengthening support for mental wellness at the workplace and responding to the global minimum corporate tax.