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Here we provide insights and analysis on the Singapore Budget 2024 which was announced on 16 February by Minister for Finance, Mr Lawrence Wong.

Dive into our expert's insights on the budget's implications for businesses and individuals.

For businesses

  • Corporate Income Tax Rebate (CIT) and CIT cash grant
  • Introduction of Refundable Investment Credits (RIC)
  • BEPS pillar two – Income inclusion rule, Domestic top-up tax, Undertaxed profit rule
  • Enhance the tax deduction for Renovation and Refurbishment (R&R) expenditure 
  • Maritime Sector Incentive 
  • Additional concessionary tax rates for various incentives
  • Overseas Humanitarian Assistance Tax Deduction Scheme (OHAS)
  • Extend and revise the tax incentive schemes for funds managed by Singapore-based fund managers
Read the announcements that impact businesses

For individuals

  • Personal Income Tax Rebate
  • Increase in annual income threshold for dependent-related reliefs
  • Changes to CPF for individuals (aged 55 and above)
  • Lapse of Course Fee Relief
  • Revision of Annual Value bands for owner occupied residential property tax
  • Extension of ABSD concession
  • Income tax concession on royalty income to authors, composers, choreographers
Read the announcements that impact individuals
Grant Thornton's Singapore Budget 2024 and Beyond seminar
19 Feb 2024, Monday, 9am

Grant Thornton's Singapore Budget 2024 and Beyond seminar

Grant Thornton's clients or affiliates are eligible for complimentary tickets. Please email events@sg.gt.com or reach out to your Grant Thornton contact for a promo code.

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    Contact our tax team

    David Sandison
    David Sandison
    Partner - Head of Tax
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    Adrian Sham
    Adrian Sham
    Partner - Employer Solutions and Private...
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    Eng Min Lor
    Eng Min Lor
    Partner - Corporate Tax
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      Grant Thornton's pre-budget 2024 feedback and recommendations

      We have put forward feedback and recommendations to the Ministry of Finance (MOF) for consideration in the 2024 Singapore Budget and beyond.

      We share three hot topics in our recommendations that you may be interested in:

      1. Global minimum corporate tax
      2. Environmental, social and governance (ESG)
      3. Closing gaps and simplifying the current tax regime

      Read the feedback