WEB Singapore Budget 2022 Highlights
METR and PIT Changes
Minimum Effective Tax Rate (METR) Regime
Singapore may introduce a Minimum Effective Tax Rate (METR) regime to ensure that multinational enterprises pay a minimum level of tax in Singapore. The METR will apply to large multinational enterprises with annual global revenue exceeding SGD 1 billion.
Top Marginal Personal Income Tax (PIT) Increase
The top marginal Personal Income Tax (PIT) rate may also be increased to enhance revenue collection.
Other Budget Proposals
Key Highlights of Budget 2022
Other key highlights of the Budget 2022 proposals include:
- Increased spending on healthcare, education, and infrastructure
- Measures to support businesses and workers affected by the COVID-19 pandemic
- Initiatives to promote sustainability and climate resilience
Minister for Finance's Speech
The Minister for Finance, Mr. Lawrence Wong, delivered the Singapore Budget 2022 on February 18, 2022. In his speech, Mr. Wong outlined the key priorities and measures of the budget.
Tax Highlights for Individuals
The Budget 2022 also includes several tax highlights for individuals. These highlights include:
- Increase in personal income tax relief
- Expansion of the Workfare Income Supplement (WIS) scheme
- Introduction of new tax deductions for healthcare expenses
Deloitte Singapore's Insights
Deloitte Singapore has provided insights into the Singapore Budget 2023. Deloitte's analysis includes a detailed look at the economic outlook, tax changes, and implications for businesses and individuals.
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