Introduction
Deputy Prime Minister and Finance Minister, Mr. Lawrence Wong
delivered the 2024 Budget Statement in Parliament on 16 February
2024. The Budget, themed building our shared future together, is a
budget to keep Singapore competitive and moving forward, equip our
people to realise their fullest potential and give more assurance
to Singaporean families and seniors.
Amidst the initiatives to enhance social support, skills of our
people, artificial intelligence strategy and environmental
sustainability, the Government has introduced major changes to the
tax system.
The key change is the implementation of the Income Inclusion
Rule ("IIR") and a Domestic Top-up Tax ("DTT")
under Pillar 2 of the Base Erosion and Profit Shifting
("BEPS") 2.0 initiative. The Government also introduced
the Refundable Investment Credit ("RIC"), which is
consistent with the GloBE Rules for Qualified Refundable Tax
Credits, for Singapore to stay competitive and attract the
