In light of Singapore’s economy rebounding from the reverberations from the COVID-19 pandemic, Budget 2022 was unveiled by Singapore’s Minister for Finance Mr Lawrence Wong on 18 February 2022. With the theme “Charting Our New Way Forward Together”, Mr Wong laid out a wide range of measures to tackle Singapore’s immediate challenges, including:
- S$500 million Jobs and Business Support Package to provide targeted help for workers and businesses in segments of the economy that are facing slower recovery;
- S$560 million Household Support Package that helps Singaporean families to manage cost of living pressures by providing support for daily essentials;
- S$600 million set aside to strengthen local enterprises under the Productivity Solutions Grant; and
- S$200 million to improve digital capabilities in businesses and workforces, such as investing in future technologies like 6G.
There were also tax measures and changes announced which were categorised as follows:
- Maintaining the Competitiveness and Resilience of the Tax System
- Building a Fairer and More Resilient Tax System
- Enhancing Service Delivery
- Increasing the Carbon Tax
In this Update, we discuss selected tax measures, changes, enhancements, extensions, and refinements.
For more information, click here to read the full Legal Update.
