Spotlight On – Singapore Budget 2022
Insight from our Asia-Pacific team
Singapore’s highly anticipated Budget 2022 statement on 18 February did not disappoint. Aimed at building a fairer and more resilient tax system and advancing Singapore’s climate change agenda, there was an increase in the top marginal income tax rate for individual taxpayers; property taxes for residential properties; registration fees for luxury cars; and an adjustment to carbon tax rates and use of international carbon credits. But it was probably Singapore’s consideration of a minimum effective tax rate (METR) regime that garnered the most attention, especially in the wake of Pillar Two.
Read more about these proposals and other measures.