"Singapore's Budget 2024: Supporting Clean Energy, Retirement, and Fiscal Stability"
Singapore's budget deficit for 2023 widened more than expected, but the country anticipates a small surplus in the 2024 financial year. Deputy Prime Minister Lawrence Wong pledged increased support for households and companies to cope with rising costs, including vouchers, cash handouts, and utility bill rebates. Additionally, a temporary financial support scheme will be introduced for laid-off workers, marking a shift for Singapore, which traditionally lacked unemployment benefits. The government also announced business incentives, such as a corporate income tax rebate and cash payouts for companies hiring local employees. Singapore will implement components under pillar 2 of BEPS 2.0 to bring the minimum effective tax rate of large corporates to 15%, with potential implications for the country's tax base.