Singapore Budget 2024: Top 3 Updates for Small Businesses

The Singapore Budget 2024 was announced on 16 February by Minister of Finance, Lawrence Wong. Read on to be updated on the key announcements that affect Singapore small businesses.

1. Boost Your Bottom Line & Invest in Growth:
  • Tax Relief: Enjoy a 50% corporate income tax rebate capped at $40,000 for 2024. This is a historical record high rebate in both percentage and capped amount. There is also a $2,000 minimum cash payout if you have local employees.
  • Local Salary Update: The minimum salary for local employees increases to $1,600, and the hourly rate rises to $10.50.
  • Rewarding Investment: The Refundable Investment Credit offers a cash payout for large scale projects investing in manufacturing expansion, innovation, R&D, and green initiatives.

2. Upskill Your Team, Stay Ahead:
  • The SkillsFuture Enterprise Credit extension empowers you to invest in your employees' skills until June 2025. Equip your team for the evolving market and ensure your business thrives. Don't miss out on this opportunity!

3. Accelerated Deductions for Renovation:

The Budget 2024 offers strong support in terms of tax rebates and changes, when businesses are faced with rising costs. Says Wong, "We are living in a world which will become more violent, more fragmented, and more unpredictable in the years to come."

He added, "We are taking major steps to advance our Forward Singapore agenda. We will grow the economy. We must. For growth is the pre-requisite to create better jobs and raise living standards for all. We will equip everyone to realise their full potential, and ensure that everyone benefits from our nation’s progress."