Budget 2024 – Top-ups to build on strengths

21/02/2024

*New tax credit scheme for attracting quality investments:

– To attract high-quality investments, DPM Lawrence Wong announced a new tax credit with a refundable cash feature to encourage companies to make sizable investments to bring economic benefits in various sectors – particularly in key economic sectors and growth areas.

– These include new manufacturing plants, headquarters, production of low-carbon energy, and carrying out R&D activities.

-This is known as the Refundable Investment Credit scheme, where credits can be used to offset Corporate Income Tax payable, and any unutilised credits will be refunded to the company in cash within four years from when it satisfies the conditions for receiving the credits.

* DPM Lawrence Wong also announces that the following funds and schemes will receive top-ups:

– A S$2 billion top-up to the Financial Sector Development Fund – to allow the Monetary Authority of Singapore (MAS) to extend Singapore’s lead in the financial services sector.

– Additional S$3 billion top-up for the Research, Innovation and Enterprise 2024 (RIE2025) plan.

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