After an unprecedented year in which Singapore experienced its worst recession since independence and with the global battle against COVID-19 far from over, Budget Speech 2021 was delivered by Singapore’s Deputy Prime Minister (DPM) and Minister for Finance Mr Heng Swee Keat on 16 February 2021. With the theme “Emerging Stronger Together”, DPM Heng laid out the following plans to tackle Singapore’s immediate challenges:
The COVID-19 Resilience Package to reopen Singapore safely and sustain the momentum of its recovery;
- The Household Support Package for families, with greater support for families in need;
- Singapore’s investments in economic and workforce transformation to emerge stronger; and
- The Singapore Green Plan 2030 to enhance sustainability and deal with climate change.
There were also tax measures and changes announced which were categorised in the following manner:
- Extending Budget 2020 Temporary Tax Measures to Support Businesses;
- Updating Singapore’s Tax Regime as the Digital Economy Grows;
- Maintaining the Competitiveness and Resilience of Singapore’s Tax System;
- Emerging Stronger as a Community: Encouraging Philanthropy and Volunteerism;
- Encouraging Early Adoption of Electric Vehicles; and
- Environmental Sustainability.
In this Update, we discuss selected tax measures, changes, enhancements, extensions, and refinements.
For more information, click here to read the full Legal Update.
