Budget 2024 a precursor to future reforms

Comments from our Head of Tax, Soh Lian Seng, as highlighted in The Edge's coverage of the Budget 2024 statement, underscored the proposed strategies for bolstering the nation's tax revenue which include the introduction of Capital Gains Tax, High Value Goods Tax, and Global Minimum Tax.

While he recognized that the proposals set the stage for future tax reforms, he also outlined his expectations that there should be clear regulations and guidelines, with a reasonable transition plan to successfully facilitate the implementation of these reforms.

Full coverage on The Edge: Tax leaders laud incentive reforms as timely, promoting high-value growth and Budget 2024: More clarity needed for tax reforms — tax analysts

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