The Business Times

#BTOpinion: Budget 2022: A progressive move towards greater solidarity There was a lack of usual adages about exercising caution and fearing capital flight in Finance Minister Lawrence Wong's announcements of higher taxe…

#SGBudget2022: Quick Takes on corporate and personal income taxes "Aside from the possible introduction of the minimum effective tax rate, potential areas of guidance for businesses –including expected changes to the tax…

#SGBudget2022: Higher personal income taxes can be double-edged sword Finance Minister Lawrence Wong said a wealth tax is an important part of the tax system to generate revenues and "help to recirculate a portion of the…

#SGBudget2022: New scheme to co-fund wage increases for low-wage workers Under the new Progressive Wage Credit Scheme (PWCS), wages for workers earning up to S$2,500 will be co-funded 50 per cent this year and next year,…

#SGBudget2022: Singapore's new net zero emissions target a bold move which will create jobs across value chain From 2024, businesses will be allowed to use high quality international carbon credits to offset up to 5 per…

#SGBudget2022: Quick Takes on higher property taxes for residential properties "While an increase in property tax does increase holding costs for property, it is unlikely to dampen demand as the increase in costs seem ma…

#SGBudget2022: Quick Takes on support packages for jobs, businesses, families “(As SMEs are) faced with significant increases in operating costs, the extension of the Jobs Growth Incentive and the S$1,000 payout per loca…

#SGBudget2022: Quick Takes on carbon taxes and other green initiatives “The decision to ramp up the carbon tax more quickly while allowing for offsets as a means for reducing tax liability is a bold one, and will certain…

#SGBudget2022 roundup: Tax reforms to support ambitious transformation plans Lost in the flurry of updates from Finance Minister Lawrence Wong's speech earlier? We bring you a handy roundup of the key announcements made…

#SGBudget2022: Finally, details on Singapore's fiscal position for the year ahead — Singapore sees fourth straight deficit in FY2022, narrowing to S$3b: FY2021 fiscal deficit smaller than expected at S$5b:

#SGBudget2022: S$6b to be drawn from past reserves for Covid-19 relief This would bring the total expected draw on past reserves over FY2020 to FY2022 to up to S$42.9 billion.

#SGBudget2022: More announcements in view of the planned 2-step GST hike: Government fees, charges frozen for 1 year: Additional S$640m top-up to S$6b GST Assurance Package:

#SGBudget2022: Singapore’s GST to be raised in 2 steps, to 8% in 2023 and 9% in 2024 "Our revenue needs are pressing. But I also understand the concerns that Singaporeans have about the GST increase taking place at the s…

#SGBudget2022: Luxury cars to be taxed at higher rate of 220% Under the new tax rate, the ARF is tiered at 100 per cent of the OMV for the first S$20,000; 140 per cent for the next S$30,000; 180 per cent for the subseque…

#SGBudget2022: Property tax rates for residential properties to go up from 2023 The property tax rate for non-owner-occupied residential properties — which includes investment properties — will be hiked across the board:…

#SGBudget2022: Higher taxes for top earners with chargeable income above S$500,000 The portion of chargeable income in excess of S$500,000 up to S$1 million will be taxed at 23 per cent, while that in excess of S$1 milli…

Budget 2022: Singapore to explore Minimum Effective Tax Rate amid global tax developments Singapore is exploring a Minimum Effective Tax Rate (METR) to top-up the effective tax rate of multinational enterprises (MNEs) to…

#SGBudget2022: Enhancements to schemes to support social mobility, vulnerable groups A scheme that helps second-timer low-income families buy a home will be enhanced, and another scheme will see a more tailored approach…

#SGBudget2022: Basic Retirement Sum to be raised to help retiring seniors The BRS will be raised by 3.5 per cent for the next 5 cohorts turning 55 between 2023 and 2027. Those who do set aside their BRS when they turn 55…

#SGBudget2022: New Progressive Wage Credit Scheme, Workfare enhancements to uplift lower-wage workers A new Progressive Wage Credit Scheme (PWCS) will co-fund the wage increase of lower-wage workers between 2022 and 2026…

#SGBudget2022: Boost to green plan from public sector green bonds, more EV chargers Singapore aims to issue up to S$35 billion of green bonds by 2030 to fund public sector green infrastructure projects. It also wants to…

#SGBudget2022: Carbon tax set to rise to S$25 from 2024, S$45 from 2026, S$50-80 by 2030 The first increase, to S$25 per tonne on companies that emit at least 25,000 tonnes of greenhouse gas, is set to take effect from 2…

#SGBudget2022: Foreign worker quotas cut for construction and process sectors The dependency ratio ceiling will be reduced to 1:5, from the current 1:7. Meanwhile, the man-year entitlement framework will be replaced with…

#SGBudget2022: Minimum salaries for Employment Pass, S-Pass holders to increase from September The minimum qualifying salary for new EP holders will from Sep 1 be raised to S$5,000 from S$4,500. For the financial service…

#SGBudget2022: More resources provided to train workers, including mid-career ones Under the SkillsFuture Enterprise Credit scheme, which helps employees provide industry-relevant training to workers, a waiver of the Ski…

#SGBudget2022: Additional S$600m to help local companies improve productivity The S$600 million will be used to support more than 100,000 productivity projects over the period, Finance Minister Lawrence Wong said during…

#SGBudget2022: Capacity of R&D centres in polytechnics, ITE to increase over next 5 years The current network of more than 80 centres across the polytechnics and ITEs work with small and medium-sized enterprises (SMEs) t…

#SGBudget2022: Broadband infrastructure to be upgraded, additional S$200m for digital capabilities The government is looking to increase broadband speeds by about 10 times over the next few years, and invest in future te…

#SGBudget2022: S$560m support package to help families with bills, daily essentials Singaporean households will receive another S$100 in CDC vouchers, a doubling in GST Voucher - U-Save rebates, and a S$200 top-up to CDA…

#SGBudget2022: Loan assistance for SMEs, construction sector extended by 6 months to a year To support companies with cash flow needs, the Temporary Bridging Loan Programme and the Enhanced Enterprise Financing Scheme –…