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Singapore: Tax measures in budget 2024 include Pillar Two global minimum tax rules

Proposals implementing Pillar Two global minimum tax rules for financial years starting 1 January 2025

February 20, 2024

Singapore’s budget for 2024 includes proposals implementing the Pillar Two global minimum tax rules for financial years starting 1 January 2025.

The 2024 budget also includes the following proposed tax measures:

  • Introduction of additional concessionary tax rate tier for various incentives
  • Extension of fund tax incentive scheme, as well as withholding tax exemptions and goods and services tax (GST) exemptions for qualifying funds, until 31 December 2029
  • Refundable investment credit scheme to attract substantive, high-value economic activities
  • Alternative basis for tax for selected maritime sector incentive sub-schemes
  • 50% corporate income tax rebate capped at S$40,000 and with a minimum cash payout of S$2000

Read a February 2024 report [PDF 5.2 MB] prepared by the KPMG member firm in Singapore

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