What Are the Important Highlights of the Singapore Budget 2024?
The Complementarity Assessment (COMPASS) framework is designed to assist employers in choosing highly skilled foreign professionals by providing them with improved clarity and assurance in their workforce planning.
The Singapore Budget 2024 was released on 16 February 2024 by Deputy Prime Minister and Minister for Finance Lawrence Wong.
This year’s Budget extends a much-needed helping hand to businesses, both SMEs and MNCs alike, in Singapore in a bid to weather growing costs and heightened global competition.
Some of the key support for businesses include:
- The Corporate Income Tax (CIT) Rebate
- The Refundable Investment Credit (RIC)
- Investments in Key Competitive Industries
- Additional Concessionary Tax Rates
For those contemplating business expansion into Singapore, the Budget serves as a clear indicator of the country’s steadfast commitment to nurturing a competitive, innovative, and sustainable business landscape.
As the initial phase of Forward Singapore’s pillars, it also establishes a solid and optimistic foundation for sustained growth and innovation. In this bite-sized infographic, we discuss further the important highlights for businesses.
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