Quotes are focused on
18 February 2025 – Off the back of the Singapore Budget announcement by Finance Minister Mr Lawrence Wong, experts from Grant Thornton Singapore share their insights.
On the Budget overall and what we hoped to see: Adrian SHAM, Tax and Private Clients Partner, Grant Thornton Singapore
“For most individuals, as expected, it was essentially budget as usual with CDC vouchers and a personal income tax rebate. The main enhancements this year came in the form of SG60 vouchers for Singaporean adults, more support for new parents and ActiveSG credits.
“We were hoping to see some incentives to help attract key talent to relocate to Singapore or measures to encourage people to commit to making Singapore their home versus being a transient foreign talent in Singapore.”
On the introduction of tax incentives to entice companies to list on SGX: Adrian SHAM, Tax and Private Clients Partner, Grant Thornton Singapore
“It is positive to see that steps are being taken to help boost the attractiveness of Singapore as a place for companies to list. The adoption of tax incentives recommended by the Equities Market Review Group is a good start but a lot more needs to be done to make Singapore the premier location for companies to list.”
On the Employee Equity-based Remuneration (EEBR) schemes: Adrian SHAM, Tax and Private Clients Partner, Grant Thornton Singapore
“For companies setting up equity schemes, there is some good news which is in line with what we had proposed for the past few years. The budget announced changes to allow increased corporate tax deductions for employee equity-based remuneration (EEBR) schemes. These bring Singapore corporate tax deduction rules on EEBRs more in line with the global landscape.”
On the enhancement of Section 13W (upfront certainty of non-taxation of companies’ disposal gains): Eng Min LOR, Tax Partner, Grant Thornton Singapore
“The removal of the sunset clause on the exemption of certain gains on disposal of the shares at long last has provided certainty. The expansion of the scope to include gains from preference shares relaxes the restriction on the form of investment. Further, allowing the assessment on whether the shareholding threshold condition is met on a group basis may benefit certain groups. ”
References in Chinese
Adrian SHAM, Tax and Private Clients Partner, Grant Thornton Singapore (沈建華, 税务合伙人，致同新加坡)
Eng Min LOR, Tax Partner, Grant Thornton Singapore (盧英敏, 税务合伙人, 致同新加坡)
SG Budget
Reactionary comments on the Singapore Budget 2025 from Grant Thornton
18 Feb 2025
Quotes are focused on
18 February 2025 – Off the back of the Singapore Budget announcement by Finance Minister Mr Lawrence Wong, experts from Grant Thornton Singapore share their insights.
On the Budget overall and what we hoped to see: Adrian SHAM, Tax and Private Clients Partner, Grant Thornton Singapore
“For most individuals, as expected, it was essentially budget as usual with CDC vouchers and a personal income tax rebate. The main enhancements this year came in the form of SG60 vouchers for Singaporean adults, more support for new parents and ActiveSG credits.
“We were hoping to see some incentives to help attract key talent to relocate to Singapore or measures to encourage people to commit to making Singapore their home versus being a transient foreign talent in Singapore.”
On the introduction of tax incentives to entice companies to list on SGX: Adrian SHAM, Tax and Private Clients Partner, Grant Thornton Singapore
“It is positive to see that steps are being taken to help boost the attractiveness of Singapore as a place for companies to list. The adoption of tax incentives recommended by the Equities Market Review Group is a good start but a lot more needs to be done to make Singapore the premier location for companies to list.”
On the Employee Equity-based Remuneration (EEBR) schemes: Adrian SHAM, Tax and Private Clients Partner, Grant Thornton Singapore
“For companies setting up equity schemes, there is some good news which is in line with what we had proposed for the past few years. The budget announced changes to allow increased corporate tax deductions for employee equity-based remuneration (EEBR) schemes. These bring Singapore corporate tax deduction rules on EEBRs more in line with the global landscape.”
On the enhancement of Section 13W (upfront certainty of non-taxation of companies’ disposal gains): Eng Min LOR, Tax Partner, Grant Thornton Singapore
“The removal of the sunset clause on the exemption of certain gains on disposal of the shares at long last has provided certainty. The expansion of the scope to include gains from preference shares relaxes the restriction on the form of investment. Further, allowing the assessment on whether the shareholding threshold condition is met on a group basis may benefit certain groups. ”
References in Chinese
Adrian SHAM, Tax and Private Clients Partner, Grant Thornton Singapore (沈建華, 税务合伙人，致同新加坡)
Eng Min LOR, Tax Partner, Grant Thornton Singapore (盧英敏, 税务合伙人, 致同新加坡)