Budget 2024 was delivered on 16 February 2024. For most small and medium-sized companies, the main benefits were a tax rebate, better access to financing and continued training support.
Corporate income tax rebate and cash grant
- 50% rebate on corporate income tax payable for Year of Assessment (YA) 2024.
- Companies that employed at least one local employee (with CPF contributions) in 2023 receive a minimum S$2,000 cash grant, even if they have no tax payable.
- The combined rebate and cash grant is capped at S$40,000 per company.
Easier financing for SMEs
- The maximum SME Working Capital Loan under the Enterprise Financing Scheme was raised from S$300,000 to S$500,000, and the higher limit was made permanent.
- The enhanced Trade Loan (up to S$10 million) and Project Loan for domestic construction (up to S$15 million) were extended to 31 March 2025.
SkillsFuture Enterprise Credit
The one-off credit of up to S$10,000, covering up to 90% of out-of-pocket costs for eligible training and transformation programmes, was extended to 30 June 2025.
Global minimum tax for large groups
Singapore announced that it would implement the BEPS Pillar Two rules (a domestic top-up tax and an income inclusion rule) for financial years starting on or after 1 January 2025. These apply only to multinational groups with annual global revenue of at least €750 million.