Singapore Budget 2014

Singapore Budget Commentary 2014

The Minister for Finance presented the 2014 Budget Statement on 21 February 2014. The main focus of Budget 2014 is to continue on the economic restructuring path by extending and tweaking incentives to enable productivity and innovation so as to drive the economy, while strengthening the social fabric of Singapore by providing senior citizens and the low and middle income groups with support as Singapore transforms itself and enters into a new phase of growth.

The Pioneer Generation has been rewarded with an array of benefits surrounding health care and related areas which would assist in subsidising the medical expenses of that generation. SMEs have also been another big beneficiary of this year’s Budget through a variety of subsidies and additional tax incentives.

Overall, Budget 2014 combines tax and non-tax measures to drive growth in a more social, equitable and inclusive manner with a particular focus on productivity and technology. The tax measures and some of the key non-tax changes are further explored in this commentary.

It should be noted that the commentary is our interpretation of the changes proposed in the Budget Statement. As the proposals are yet to be enacted, and the legislation to enact the proposals is yet to be published, our comments in this commentary should not be considered definitive and should, therefore, be used only as a guide.

If you need any clarification or advice, please contact your regular tax advisors at Deloitte.

We hope you will find this commentary useful and look forward to supporting you as you grow your business in the coming years.

Singapore Budget 2014 Infographics

Download our Singapore Budget 2014 Infographics for more information.

A pocket guide to Singapore tax 2014

This pocket guide features a summary of tax policies and regulations in Singapore.