Singapore Budget 2024: A Strategic Blueprint for Business Growth and Sustainability

Singapore’s ambitious Budget 2024 focuses on economic resilience, sustainable development, and workforce enhancement through measures like the SkillsFuture Enterprise Credit extension and Enterprise Financing Scheme enhancements. It also includes green initiatives and proactive tax reforms to meet global standards.

Singapore Budget 2024: Building Economic Resilience

In a significant move to reinforce economic resilience and sustainability, Singapore’s Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, unveiled the ambitious Singapore Budget 2024 on February 16, 2024. With global economic fluctuations and a pressing climate crisis, the Budget strategically addresses rising operational costs and the need for sustainable development, positioning Singapore as a competitive and green economy.

Enhancing Workforce Development

The extension of the SkillsFuture Enterprise Credit (SFEC) until June 2025 highlights the government’s commitment to workforce development. Businesses now have more time to utilize the credit for enterprise and workforce transformation programs, emphasizing skills enhancement as a key driver of future growth.

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Nurturing Robust Businesses through Enhanced Financing

The Budget introduces significant enhancements to the Enterprise Financing Scheme (EFS), increasing the maximum loan quantum for SME Working Capital Loans and maintaining elevated loan quantum for Trade Loans and Project Loans. This emphasizes the critical need for accessible financing to support the growth and sustainability of businesses.

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This article was first published by AseanBriefing which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, India, and Russia. Readers may write to [email protected].