{"id":819,"date":"2024-03-05T06:26:40","date_gmt":"2024-03-05T06:26:40","guid":{"rendered":"https:\/\/ledgengroup.com\/my\/?p=819"},"modified":"2025-08-13T06:26:59","modified_gmt":"2025-08-13T06:26:59","slug":"singapores-fy2024-budget-highlights","status":"publish","type":"post","link":"https:\/\/ledgengroup.com\/my\/singapores-fy2024-budget-highlights\/","title":{"rendered":"Singapore\u2019s FY2024 Budget Highlights"},"content":{"rendered":"

Budget 2024 was generous in extending a helping hand to individuals and businesses amidst the uncertain global economic outlook.\u00a0 It also outlined the country\u2019s ambitious plans to stay competitive, resilient, united and inclusive.<\/span><\/p>\n

Through the Enhanced Assurance Package of S$1.9 billion and the GST Voucher Fund, lower and middle-income Singaporean households will receive immediate help to alleviate cost of living concerns viz CDC vouchers, U-save rebates and S&CC rebates for HDB households.\u00a0 Further, tax resident individuals are granted a 50% personal income tax rebate for YA 2024, capped at S$200 amongst other measures rolled out to help individuals.<\/span><\/p>\n

In recognition of the fact that Singapore\u2019s only resource is its human capital, the Budget focused on upskilling and reskilling of our workforce with the New SkillsFuture Level-Up Programme for workers above 40 years old including a S$4,000 SkillsFuture Credit top-up and training allowance in support of the continuous growth and development of our people.\u00a0 In the same vein, more aid will be given to ITE graduates with their upskilling efforts through the ITE Progression Award.\u00a0<\/span><\/p>\n

Businesses are supported through the Enterprise Support Package encompassing a 50% corporate income tax rebate for YA 2024, capped at S$40,000, and a cash payout of S$2,000 for those with at least one local employee in 2023, SkillsFuture Enterprise Credit and enhanced Enterprise Financing Scheme.<\/span><\/p>\n

Further, to achieve economic resilience, build capabilities and talent in areas of growth, more than S$11 billion will be injected into Artificial Intelligence, Clean Energy, Finance and Research and Development.\u00a0 It is hoped that businesses will embrace and harness the new technologies or innovations in the future.<\/span><\/p>\n

In all, Budget 2024 is forward-looking.\u00a0 It reflects the government\u2019s commitment to invest in industries that could potentially drive future economic growth and nudges its people towards lifelong learning so as to continue to refresh their skills to stay relevant, employable and to achieve their career goals and aspirations.\u00a0 The measures taken in the Budget will pave the way for a brighter shared future as a society.<\/span><\/p>\n

 <\/p>\n

BUSINESSES<\/b><\/h5>\n
Corporate Income Tax (\u201cCIT\u201d) Rebate for the Year of Assessment (\u201cYA\u201d) 2024<\/span><\/b><\/h6>\n

A CIT rebate of 50% of tax payable will be granted for YA 2024. Companies that have employed at least one local employee1<\/sup>\u00a0<\/span>in 2023 will receive a minimum benefit of S$2,000 in the form of cash payout (\u201cCIT Rebate Cash Grant\u201d). The maximum total benefits of CIT Rebate and CIT Rebate Cash Grant is S$40,000.<\/span><\/p>\n

1\u00a0<\/span><\/sup><\/i>This refers to an employee who is a Singapore Citizen or Permanent Resident, excluding shareholders who are also directors of the Company, in the calendar year 2023.<\/span><\/i><\/span><\/p>\n

<\/h4>\n
Enhance the tax deduction for Renovation or Refurbishment (\u201cR&R\u201d) expenditure<\/span><\/b><\/h6>\n

With effect from YA 2025: \u2013<\/span><\/p>\n