EY is calling for more funding support for small and medium-sized enterprises (SMEs) to strengthen sustainability capabilities, as well as for a reassessment of Singapore’s tax incentives ahead of upcoming tax reform moves, in its Budget 2024 wish list released on Jan 3.
The professional services firm proposed a raft of measures to strengthen Singapore’s economic competitiveness, encourage sustainability, and develop enterprises and the workforce.
EY’s Singapore head of tax Soh Pui Ming said: “With the implementation of Pillar 2 of BEPS 2.0 (Base Erosion and Profit Shifting) just around the corner, an uncertain economic outlook and intensified geopolitical tensions, 2024 looks to be a bumpy year.
“More so than ever, tax measures and policies are critical enablers in supporting Singapore’s economic objectives and charting the nation’s next lap of growth.”
Pillar 2 of BEPS 2.0 introduces a minimum effective tax rate of 15 per cent for large multinational enterprises. Deputy Prime Minister and Finance Minister Lawrence Wong announced during Budget 2023 that this will be implemented in Singapore on or after Jan 1, 2025.
EY called on the Government to keep an “open mind and flexibility” in reassessing Singapore’s existing suite of tax incentives, noting that other jurisdictions are also undergoing tax incentive reform ahead of the landmark move.
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