Budget 2025

We summarised the key proposed tax changes announced during the Budget 2025 that may be relevant to businesses as follows.

  1. Corporate Income Tax (CIT) rebate and cash grant for Year of Assessment (YA) 2025
  2. CIT listing rebate for new corporate listings in Singapore
  3. Extend the Double Tax Deduction for Internationalisation Scheme (DTDi)
  4. Tax deduction for payment made under approved Cost-Sharing Agreement (CSA) for innovation
    activities
  5. Extend the Mergers and Acquisitions Scheme (M&A)
  6. Tax deduction for payment under Employee Equity-Based Remuneration (EEBR) schemes from YA
    2026
  7. Enhancement to tax exemption under Section 13W on gains from disposal of shares by companies
  8. Extension and enhancement of various Maritime Sector Incentive (MSI) schemes
  9. Qualifying project debt securities (QPDS) Scheme
  10. Concessionary tax rate (CTR) for fund manager listings in Singapore
  11. Tax exemption for fund managers managing funds which invest substantially in Singapore-listed
    equities
  12. Extension and enhancement of tax concessions for Real Estate Investment Trusts listed on the
    Singapore Exchange (S-REITs)
  13. Extension of tax concessions for Real Estate Investment Exchange-Traded Funds listed on the
    Singapore Exchange (S-REIT ETFs)
  14. Extension of tax exemption of qualifying foreign-sourced income from qualifying offshore
    infrastructure projects/assets received by approved entities listed on the Singapore Exchange
  15. Extension and refinement of Insurance Business Development (IBD) scheme
  16. Introduction of additional CTR for the Financial Sector Incentive (FSI) Scheme
  17. Venture Capital Fund Incentive and Venture Capital Fund Management Incentive
  18. Extend GST remission for S-REITs and Singapore-listed Registered Business Trusts in the
    infrastructure business, ship leasing and aircraft leasing sectors
  19. Personal Income Tax Rebate
  20. Increase in Senior Worker CPF Contribution Rates
  21. Enhancement to Workfare Skills Support (WSS) Scheme
  22. Rationalise the Central Provident Fund cash top-up relief
  23. Extend and enhance the Land Intensification Allowance (LIA) scheme
  24. Allow the WHT concession for non-tax-resident arbitrators and non-tax-resident mediators
    to lapse
  25. Extend the Enhanced Cap for the Market Readiness Assistance Grant

For the full details, please download our budget commentary.