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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.
As Singapore continues to enhance its competitiveness to attract foreign investments and be the preferred gateway for international companies, it will also need to build on existing frameworks to better support local enterprises in their internationalisation journeys.
Incentive and grant schemes for multinational enterprises that fall within the Pillar Two regime, can encourage continued investments to support the attraction of talent, expansion of operations and product offerings, digital acceleration and innovation and other research and development activities.
Accountability and transparency is critical as we move into the implementation phase of sustainability commitments of businesses, institutions and governments globally. Setting up production standards aligned to other transborder requirements will equip local organisations to adopt environmental requirements in their processes promptly, turning potential impacts into opportunities.
Sustainability and Climate Change Practice Leader, Partner, PwC Singapore
+65 9817 8213