On 18 February, Finance Minister Mr. Lawrence Wong delivered the much-anticipated Budget 2022 speech. The Budget remains expansionary, with an estimated ministry spending of S$102.4 billion, marking a 4.1 percent increase from the total expenditure in the previous year.
Anchored on the goals of strengthening our digital capabilities and social compact, the theme “Charting A New Way Forward Together” augurs well for the future direction of our economy. Other key premises of the Budget include advancing the green transition and building a fairer and more resilient tax system.
Download our full Budget commentary to find our expert views and analysis on:
Key Tax changes
Global Minimum Tax
Goods & Services Tax (GST)
Tax changes for Vehicles
Privately Owned Businesses (POBs) and Small and Mid-Size Enterprises (SMEs)
In line with Singapore's long-term goal of improving retirement adequacy, the Singapore Government has announced that the employer and employee Central Provident Fund (CPF) contribution rates for workers aged 55 to 70 will continue to increase in 2023.
In the Budget 2022 announcement on 18 February, Finance Minister Lawrence Wong announced that the minimum qualifying salary will be raised by S$500 for Employment Pass and S Pass applicants from September this year.