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Offshore Updates

Singapore Budget 2021: Our observations & analysis

On 16 February 2021, the Singapore Budget 2021 was delivered by Mr Heng Swee Keat, Deputy Singapore Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance. The Budget has been prepared after taking into consideration of the various elements, including coherence, compliance, fairness and progressivity, Revenue integrity, and Revenue volatility.
The Budget 2021 would be divided into some core parts including the growth of an economy; creating more opportunities for our people; building a sustainable home; supporting businesses, workers and job seekers; providing COVID-19 resilience package; as well as strengthen the social impact. As a key area of this Budget, there is a summary about some changes in tax for business both in general and in financial services. This consists of the Enhancement of the Double Tax Deduction for Internationalization scheme and the Extension and enhancement of the Investment Allowance scheme for business in general, as well as the Extension and rationalization of withholding tax exemptions for the financial sector.
Should you need to find out more about the key changes which have been disclosed impacting both your Singapore businesses and individuals, please kindly download here.