The article provides an overview of key tax changes introduced in Singapore’s 2024 Budget, focusing on both personal and corporate tax measures. Notable among these is the introduction of a 50% Corporate Income Tax (CIT) rebate, aimed at easing the financial burden on businesses. The article also covers the changes to personal income tax reliefs, including enhanced rebates and adjustments to existing relief programs. These changes are part of the government’s ongoing efforts to foster a conducive environment for economic growth while providing support to individuals and businesses.

The article further explains the implementation of the Pillar Two global minimum tax rules, which align Singapore’s tax system with international standards. These rules are designed to ensure that multinational companies pay a minimum level of tax, thereby reducing the risk of base erosion and profit shifting. The changes in the 2024 Budget reflect Singapore’s commitment to maintaining a competitive tax regime while adhering to global tax norms. Overall, the article highlights Singapore’s balanced approach to tax reform, aiming to provide relief to businesses and individuals while aligning with international tax practices.