Singapore Budget 2022 Commentary - A Bold Budget

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
- Corporate Tax
- Global Minimum Tax
- Goods & Services Tax (GST)
- Personal Tax
- Property Tax
- Tax changes for Vehicles
Other changes
Industry insights
- Financial services
- Privately Owned Businesses (POBs) and Small and Mid-Size Enterprises (SMEs)
- Technology and digitalisation

If you would like to learn more about how Budget 2022 will impact you or your business, have a chat with us today.

Increase in CPF contribution rates

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 and the CPF income ceiling will continue to increase in 2024.