Singapore's Minister for Finance, Lawrence Wong, said during the budget speech on Tuesday (February 18) that the Singaporean government will introduce a 50% corporate income tax rebate for the Year of Assessment 2025.
Lawrence Wong, who also serves as the Prime Minister, stated that this will support the cash-flow needs of enterprises as they adapt to structurally higher costs.
All active companies that employed at least one local employee last year will receive a benefit of at least S$2,000, with the total benefit per company capped at S$40,000.
The government will also continue to work on increasing the wages of low - paid workers by strengthening the Progressive Wage Credit Scheme.
The government's co-financing level for wage increases will be raised from 30% in 2025 to 40%, and from 15% in 2026 to 20%.
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