Budget 2022: Summary of key tax changes

24 February 2022

On 18 February 2022, Singapore Minister for Finance Lawrence Wong delivered the Budget Statement for financial year 2022 and announced various schemes aimed at investing in people and enterprises, providing targeted help where needed, renewing and strengthening Singapore’s social compact, and building a fairer and more resilient revenue system.

Our Tax Update provides an overview of the key tax changes affecting businesses (including developments specific to the finance, wealth management and transport sectors), updates to the goods and services tax and property tax regimes, and other changes affecting businesses, such as disbursements and financing support as well as refinements to Singapore’s foreign workforce policies. This article will also explain changes to tax regimes that serve as proxies for taxes on wealth in Singapore, changes that affect Singapore’s fund and trust tax incentive schemes, as well as the support given by the Government to encourage philanthropy in Singapore.

To read the Tax Update, click here.