Singapore Budget Commentary - Archive

This commentary provides our Budget analysis on certain tax proposals.

Budget Commentary 2014 - New Directions: Inflections and Reflections

This commentary provides our Budget analysis on certain tax proposals, including:

Corporate tax

  • Budget perspectives – foreign multinational corporations
  • PIC scheme
  • R&D
  • Writing down allowance
  • Deduction for IP registration costs
  • IP box regime?
  • Land Intensification Allowance
  • Waiving withholding tax for payments made to branches in Singapore
  • Investment allowance scheme for aircraft rotables

Financial services

  • Capital instruments issued by Singapore – incorporated banks
  • Fund management industry
  • Listed infrastructure registered business trusts

Personal tax and CPF

  • CPF changes
  • Medisave for self-employed persons
  • Dependant relief
  • Sharing of relief between married couples
  • What more could have been done?


  • Information and Communication Technology for Productivity and Growth programme
  • Enterprise financing schemes
  • Stamp duties
  • Property tax
  • Vehicle tax
  • Duties on betting, tobacco and liquor products

Looking back – 2013

2013 in snapshot


  • A. Comparison of Asia-Pacific effective tax rates on repatriated corporate profits
  • B. Comparison of Asia-Pacific individual tax liabilities
  • C. Resident individual tax rates

Download Budget Commentary 2013 (0.5 MB)

Download Budget Commentary 2012 (1.2 MB)

Download Budget Commentary 2011 (690 KB)

Download Budget Commentary 2010 (1 MB)

Download Budget Commentary 2009 (660 KB)

Download Budget Commentary 2008 (610 KB)