On 18th February, Finance Minister Lawrence Wong delivered the 2022 Singapore budget. A number of significant tax changes were announced – including an increase in the rates of personal tax, GST, property tax and the carbon tax. The property tax is seen as a lever to address wealth inequality; although broader measures (such as a wealth tax or inheritance tax) were not announced. A number of proposals relevant to the financial services sector were also introduced. However, other changes relevant to the sector that had been recommended were not addressed. Another point to note was the intention to introduce a 15% domestic minimum tax in response to the OECD BEPS 2.0 project (albeit subject to further study). 

IMAS is delighted to invite you to join us in our Budget 2022 webinar together with our presenters from Deloitte who will recap on the key budget changes and discuss the impact for investment and wealth management in Singapore; especially the impact of Pillar 2. The seminar will also discuss further reforms that might be considered for the sector.