Singapore’s Deputy Prime Minister and Minister of Finance, Mr Lawrence Wong, delivered the Singapore Budget 2024 on 16th January 2024 amidst a “troubled international environment and a subdued global economy” but still the Island Republic’s economy was still able to grow by a modest 1.1% and avoid the recession last year
ON the whole DPM Lawrence Wong said that the Givernment is still caustiously optimistic that 2024 will be a better year as it expects higher GDP growth at 1 to 3 percent. The Budget provided Singaporeans “at all phases of life” with help to meet rising living costs as well as prepare themselves to raise their education to upgrade their skills to meet the challenges of the future.
Singapore’s corporate sector will also receive help by the introduction of an Enterprise Support Package that wlll provide S$1.3 billion in support to companies through various corporate income tax rebates capped at S$40,000 in the YA 2024. Next DPM Wong will enhance the Enterprise Financing Scheme where the maximum capital loan quantum will be permanently raised to S$500,000.
The Budget speech also touched on a wide range of measures that will DPM said be the “first installment” of its Forward Singapore programmes that has given Singaporeans he said “More assurance to help Singaporeans navigate the uncertainties in today’s world; strengthen our sense of cohesion and solidarity; and keep our society together.” Some of these include enhancing support for low-income families to pursuing better growth and jobs by raising Singapore’s profile as an investment destination by introducing a new Refundable Investment Credit (a tax credit with a refundable cash feature) and a S$2 billion top up for the National Productivity Fund in 2024.
For the full Budget 2024 Statement please click here
