Companies will also be able to enjoy automatic tax deduction claims for more qualifying activities under the double tax deduction for internationalisation scheme. Currently companies automatically enjoy a 200% tax deduction for selected qualifying activities, capped at $150,000. The cap will be raised to $400,000.
The government will also enhance the enterprise financing scheme by increasing the maximum loan quantum for trade and fixed asset loans.
In addition, Singapore will increase engagement with fast-growing markets, including in Latin America, Africa and the Middle East where the government will “establish new embassies and strengthen our diplomatic and economic presence on the ground,” says Wong.
