Budget 2024 Tax Developments

A. Introduction

On 17 February 2024, Deputy Prime Minister and Finance Minister Lawrence Wong delivered Singapore's 2024 Budget Statement. He observed that the past year posed significant challenges, marked by the troubled international environment and a subdued global economy. While adopting a cautiously optimistic outlook for 2024, he noted that geopolitical risks continue to loom large as Singapore moves into a more fragmented world where the major powers prioritise national security over economic interdependence. In the realm of international taxation, this is evident in many countries' implementation of the Base Erosion and Profit Shifting (BEPS) 2.0 Framework which has dramatically changed the international tax landscape and has implications for Singapore as an investment and wealth management hub.