Singapore, amidst economic uncertainties and burgeoning competition, stands at a pivotal juncture. The country faces challenging macroeconomic conditions and the end of "benign globalisation" as identified by Singapore's Deputy Prime Minister Lawrence Wong. These circumstances, also reflected in the Singapore Business Federation's (SBF) National Business Survey (NBS) 2023/2024, point towards a weakened business outlook due to rising costs and manpower constraints.
By leveraging its leadership role, supporting enterprises, and building business resilience, Singapore can continue to prosper in an increasingly complex and uncertain global economic landscape. It is incumbent upon us all - Government, businesses, and individuals alike - to work together towards this shared goal as we advance Singapore forward.
Elevating Singapore's leadership as a competitive regional hub
At the forefront of green initiatives and championing regional innovation
Empowering local enterprises for global growth and competitiveness
Seizing opportunities and contributing on the global stage
Enhancing enterprise resilience and capabilities to thrive amid challenges
Keeping enterprises agile while maintaining robust fiscal policies
KPMG’s SG Budget 2024 Insights
Recap on our video episodes with KPMG in Singapore's leaders and industry experts as they share their keynotes on economic, social and sustainability topics that will pivot Singapore's path to a new reality.
More Singapore enterprises are looking to steer organic growth via innovation, including ramping up their investments into emerging technologies, according to KPMG research. Globally, opportunities abound for those with the ability to leverage technology’s transformative potential to capture new growth areas. To do so well, enterprises will need to be supported with the right tools and environment to raise their data and technological prowess, and cultivate an innovation mindset. Establishing a Singapore-led data innovation hub will give local businesses a platform to engage more meaningfully with their counterparts in other countries and share best practices. This continued emphasis on AI, data and IP will fuel Singapore’s regional leadership and competitiveness, and uplift enterprises to be globally ready and future confident.
Amid potential threats to its global competitiveness, Singapore will need to evaluate how it can ensure relevant tax incentives can be ‘BEPS-protected’, so that the country remains attractive to foreign direct investments. With QRTCs and MTTCs, these could be targeted at a broad range of activities, from Research and Development (R&D) and innovation to sustainability, as well as to other manufacturing-related activities, offering companies better alternatives to the outright grant schemes. Such specific incentives would have been provided specific treatments under the global minimum tax framework, which enhances their tax certainty. This will be something highly valued by global investors going forward.
