During budget 2023, Deputy Prime Minister Lawrence Wong announced that the CPF monthly ceiling will be raised from the current S$6,000 to S$8,000 by 2026. This will mean that for salaries up to S$8,000, there will be CPF contributions from both the employee and employer. Currently, this CPF monthly ceiling is set at S$6,000. This [...]

During his Budget speech on Tuesday (Feb 14), Deputy Prime Minister Lawrence Wong announced that the Singaporean government will increase the buyer's stamp duty rate for higher-value residential and non-residential properties. Buyer's stamp duty is the tax that individuals have to pay on documents signed when they purchase or acquire property in Singapore. The updated [...]

Top-up for the National Productivity Fund In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that an additional S$4 billion will be added to the National Productivity Fund (NPF), and that investment promotion will be considered a supportable activity. Wong stated that the fund will be utilized to attract high-quality investments [...]

In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that Singapore's corporate tax system will be revised to align with the recommendations of the second pillar of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS 2.0) starting in 2025. The second pillar of BEPS 2.0 proposes a minimum effective [...]

In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that the Central Provident Fund (CPF) monthly salary ceiling will be raised in four steps from S$6,000 to S$8,000 by 2026, in order to keep pace with rising salaries. The CPF monthly salary ceiling sets the maximum amount of CPF contributions payable [...]