Budget 2023 was delivered by Deputy Prime Minister of Singapore and Minister for Finance, Mr. Lawrence Wong, to the Singapore Parliament on 14 February 2023.
A common theme of Budget 2023 is a pressing need for Singapore to build up her capabilities and seize new opportunities in the face of economic downturns, rising geopolitical tensions and greater fragmentation in the global economic arena. As a small nation-state, Singapore will have to work harder to enhance her overall productivity and capabilities to stay competitive in this new era of global development. To this end, a slew of fiscal measures was announced in Budget 2023 to maintain the competitiveness and resilience of the tax system. In addition, Budget 2023 builds on the Budgets from previous years by introducing other fiscal measures targeted at building a fairer and more resilient tax system and fostering a culture of giving in Singapore.
Separately, Budget 2023 introduces several economic measures to develop business sectors and support local enterprises in Singapore, as well as to enhance the CPF system in the face of an aging population in Singapore.
Read the key measures announced in Budget 2023 here.
For further information, please contact:
Eugene Lim, Partner, Taxise Asia