Singapore Budget 2024: Building Our Shared Future Together

The Budget Statement for Budget 2024 was delivered on 16 February 2024. Given a modest 1.1% in Singapore’s economic growth in 2023, expected continued resilience of growth in major economies and looming geopolitical risks, Budget 2024 seeks to assist Singaporeans in meeting their full potential, navigating uncertainties, and building a common, shared future together. At a glance, some key measures include:

1. The introduction of a corporate income tax rebate;
2. The introduction of a refundable investment tax credit;
3. A top-up of the goods and services tax (“GST“) voucher fund;
4. The introduction of a personal income tax rebate;
5. The enhancement of retirement support schemes;
6. The introduction of an overseas emergency humanitarian assistance tax deduction scheme;
7. An adjustment in property tax rates;
8. The introduction of a property tax instalment plan;
9. The introduction of Additional Buyer’s Stamp Duty (“ABSD“) refunds for single Singaporeans above 55 years of age;
10. The adjustment of ABSD clawbacks for housing developers;
11. The introduction of an income inclusion rule; and
12. The introduction of a domestic top-up tax.

In this Update, we discuss the key tax measures, changes, enhancements and extensions, as well as refinements in the existing Singapore tax regime below.