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      A future where no one is left behind

      As the world moves forward from the COVID-19 pandemic, two main risks hang over the global economy: rising inflation and geopolitical tensions. Time is also running out in the race to build a sustainable earth against the mounting threats of climate change.  

      In the face of this complex constellation of challenges, Singapore remains undeterred.

      Investments in clean technologies and energy efficiency have accelerated to meet shifting energy needs and reach climate objectives. More help for Singaporeans to cope with rising costs and strengthen resilience are on the way. And support for business transformation and innovation remains robust.

      While the road ahead remains uncertain, one thing is clear: To build a strong, competitive and cohesive society, the nation will need to forge new pathways to sustainable and inclusive growth — where no one will be left to walk alone. 

      Explore key highlights from the Singapore Budget 2023, which reflects recommendations put forth in KPMG in Singapore's Budget 2023 Proposal. 

      Budget-2023-moving-forward-towards-lasting-paths.pdf

      Moving forward towards lasting paths

      Key Budget highlights and insights

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      Ajay K Sanganeria

      ​With the introduction of the Enterprise Innovation Scheme, Singapore will lead the global chart as being one of the most attractive countries for R&D activities. As a nation focused on innovation, it will reap the benefits from increased R&D investments by businesses.



      Ajay Kumar Sanganeria
      Partner, Head of Tax
      KPMG in Singapore

      Lee Bo Han

      Enhancements to the National Productivity Fund (NPF) will strengthen our people's capabilities and productivity, providing Singapore with a competitive edge to attract and anchor strategic industries, with a more sustainable approach than providing tax breaks and subsidies.



      Lee Bo Han
      Partner, R&D & Grants Consulting
      KPMG in Singapore

      Sharad Somani

      The $1b Singapore Global Enterprises boost will spur companies with global mindsets to expand internationally. They can use this grant to accelerate innovation, capitalise on emerging opportunities and form partnerships for internationalisation. This will result in a more resilient and robust business model for local enterprises.



      Sharad Somani
      Partner, Head of Infrastructure Advisory,
      Head of Infrastructure, Asia Pacific​
      KPMG in Singapore

      Pauline Koh

      The enhancement of the National Productivity Fund to build local capabilities, enhance productivity and reskill our workforce signals the Government’s recognition of the need to stay competitive and commitment to creating strategic long-term value.



      Pauline Koh
      Partner, IGH & Manufacturing, Tax
      KPMG in Singapore

      Chiu Wu Hong

      From topping up the National Productivity Fund and SME Co-Investment Fund, to pushing new frontiers by introducing the Enterprise Innovation Scheme, Budget 2023 blazes a trail for local enterprises to build core capabilities and seize growth opportunities.



      Chiu Wu Hong
      Partner, Head of Private Enterprise
      KPMG in Singapore

      Mark Addy

      Extending the Enterprise Financing Scheme and Energy Efficiency Grant signals strongly the Government’s commitment to SME growth and energy transition.



      Mark Addy
      Partner, Energy & Natural Resources, Telecommunications, Media & Technology, Tax
      KPMG in Singapore

      Tay Hong Beng

      In Budget 2023, the Government reaffirmed its commitment to fighting climate change and the greening of Singapore’s stock of buildings.

      To help accelerate the greening of buildings in Singapore, it will be necessary to boost the attractiveness of such buildings for developers and owners. This can be bolstered by appropriate fiscal incentives such as double tax deduction on financing costs, property tax and GST rebates.

      In addition, the demand for such buildings can be enhanced through double tax deductions on rentals paid by tenants of green buildings.


      Tay Hong Beng
      Partner, Head of Real Estate
      KPMG in Singapore

      Alan Lau

      The decision to raise the CPF salary ceiling from $6,000 to $8,000 per month is a timely response to rising retirement needs and will assist Singaporeans to keep pace amid the high inflation environment.

      More importantly, phasing implementation over four years will cushion the impact for employers, allowing them to adjust to these changes at a time when they are already dealing with escalating business costs in these post-pandemic years.



      Alan Lau
      Partner, Head of Financial Services, Tax
      KPMG in Singapore

      Pearlyn Chew

      Introducing the Philanthropy Tax Incentive Scheme for Family Offices will enable Singapore to elevate its status as a regional and global philanthropic hub by allowing tax deductions for overseas donations.



      Pearlyn Chew
      Partner, Real Estate & Asset Management, Tax
      KPMG in Singapore

      Yong Jiahao

      As Singapore strives towards new horizons, the Enterprise Innovation Scheme will encourage businesses to invest in R&D and innovation ensuring that they capitalise on emerging opportunities in the face of growing uncertainty.



      Yong Jiahao
      Partner, IGH & Manufacturing, Tax
      KPMG in Singapore

      Explore more of our Singapore Budget 2023 Proposal

      Budget 2023: New pathways to growth
      Read more

      Budget 2023: The ties that bind us
      Read more

      Budget 2023: Measures to survive and prosper in a troubled world
      Read more

      Our Budget 2023 Proposal

      KPMG in Singapore has put forth a three-pillar framework for how the nation can come together to chart a path towards a lasting future — one in which everyone has a stake and role to play. Explore our proposed measures for Singapore Budget 2023.

      KPMG Singapore Budget 2023 Proposal

      Media room

      Read more

      Taking Singapore forward into a fairer, greener and more inclusive world
      Read more

      Connect with us

      KPMG combines our multi-disciplinary approach with deep, practical industry knowledge to help clients meet challenges and respond to opportunities. Connect with our team to start the conversation.

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