29 March, 2019
The Singapore Budget 2019 (Budget 2019) was delivered by the Minister for Finance Heng Swee Keat on 18 February 2019 against the backdrop of wider trends such as the shift in global economic weight towards Asia and rapid technological advancements. A key theme of this year's Budget was to position Singapore as “a Global-Asia node of technology, innovation and enterprise" to ride the wave of the Fourth Industrial Revolution. The measures seek to enhance Singapore's economic competitiveness by supporting industry transformation through three key thrusts: building deep enterprise capabilities, building deep worker capabilities, and encouraging strong partnerships within Singapore and across the world.
With respect to tax measures, most of the changes in Budget 2019 aim to refine existing tax incentives to further enhance Singapore's business competitiveness.
For further information, please contact:
Allen Tan, Principal, Baker & McKenzie.Wong & Leow
allen.tan@bakermckenzie.com
