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Budget 2023 focuses on building a more resilient and innovative Singapore. As the country emerges from the Covid-19 pandemic, the nation now contends with inflationary pressures in the midst of global uncertainty. Budget 2023 seeks to provide support to businesses and households to weather the challenges ahead while ensuring that Singapore continues to uphold fiscal prudence.
Importantly, the government has announced its intention to implement the OECD Pillar Two measures from 2025 and confirmed that it will implement a domestic top-up tax which will top up multinational enterprise groups' effective tax rate in Singapore to 15%. To remain competitive, Singapore will retain and extend its major tax incentives. Changes have also been made to buyer's stamp duty rates, which are consistent with enhancing the fairness and resilience of Singapore's tax system.
We highlight below the key tax developments from Budget 2023.
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