Initiatives for Budget 2024 should be aimed at helping Singapore maintain its status as a hub for business and investments, while also driving business transformation so that companies increase their productivity and competitiveness.
Recommendations to achieve these aims were unveiled in a joint list by professional services firm KPMG and the Singapore Business Federation (SBF) on Jan 8. The Budget statement is slated to be delivered on Feb 16.
SBF chief executive Kok Ping Soon said: "We are being confronted with very real challenges to the competitiveness of Singapore, both in terms of cost and our ability to demonstrate that value in order to command that premium.
"So... we'll see how we can take measures to overcome it, while not losing sight of the fact that we all need to continue to double down on transformation, whether it's in digitalisation, better use of technology or helping our companies... decarbonise and keep oriented to international operations." A main recommendation to maintain Singapore's competitiveness as a regional hub is to provide new tax incentives to continue to attract investments and businesses, especially with the global Base Erosion and Profit Shifting 2.0 rules kicking in. These global tax rules mean that a minimum effective tax rate of 15 per cent will be implemented for multinational enterprise groups with annual group revenues of at least €750 million (S$1.09 billion) on or after Jan 1, 2025.
Denne historien er fra January 09, 2024-utgaven av The Straits Times.
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Denne historien er fra January 09, 2024-utgaven av The Straits Times.
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