PwC's Singapore Budget 2023 proposals

Singapore’s FY2023 Budget Statement will be announced by Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong on Tuesday, 14 February 2023 in the Parliament.

Businesses and individuals will look with keen interest to the measures introduced in Budget 2023 to help manage challenges posed by global economic slowdown, strong inflationary pressure and geopolitical tensions, as well as the economic cost of climate change. More help extended through fiscal measures would in turn require re-evaluating our overall fiscal position, and how spending can be financed in a sustainable manner.

We provide our proposed measures to the Government - aimed at renewing Singapore’s strength as a global business hub with the capabilities of responding quickly to the rise of the digital and platform economies, changes in international trade and global supply chains, and more aspects to repivot Singapore’s global relevance as well as its competitiveness.

Strengthening Singapore’s global relevance in sustainability, the digital economy and international trade

"There will never be a perfect time to drive sustainable development. With major milestones congregating around the 2030 timeframe, such as the 2030 Green Plan and achieving the emission target of 60MtCO₂e by 2030, Singapore is not far away from its ‘first exam’. Meeting these milestones can help the city state gain momentum and confidence in achieving net zero by 2050. Strong leadership has been demonstrated by many large companies in this respect. In their next bound, it is timely to bring along other stakeholders across the ecosystem such as suppliers, and potentially promising climate solutions. Their success will be Singapore’s success too."

Fang Eu-Lin, Climate Change and Sustainability Leader, PwC Singapore

Renewing Singapore’s strength as an international business hub in the age of global minimum tax

“Multinational enterprises (MNEs), the large corporations, impacted by the new rules, will be listening intently on how the Singapore Government can support them as the cost of doing business will increase when the global minimum tax gets implemented. For such MNEs committed to doing business in Singapore, refundable credits or grants will be welcomed so that they can continue to support Singapore’s economic growth, such as with employment and working with local vendors and suppliers.”

Tan Ching Ne, Corporate Tax Leader, PwC Singapore

Time for Singapore to stand out as a global asset and wealth management centre

“While fund management tax incentives have offered tax certainty on investment returns derived by qualifying funds, we look forward to the Singapore Government to consider giving a further boost to the industry by offering tax concessions on the treatment of carried interest and expanding the designated investments to cover more investment products, such as cryptocurrencies, NFTs and etc, as well as tax deductions for international donations made by many family offices here that have set aside part of their investment returns for philanthropic causes.”

Lennon Lee, Financial Services Tax Leader, PwC Singapore