Budget 2024 addressed key long-term issues facing Singapore, including climate change, competition for talent and foreign investments, and social inequality. We are appreciative of Mr Teh Swee Thiam (Partner, Global Compliance & Reporting) and Ms Tracy Tham (Associate Partner, Business Incentives Advisory) of Ernst & Young for sharing the implications that Budget 2024 will have for Aviation and Aerospace businesses.
Discussions covered the following topics:
1. Tackling immediate challenges for businesses
- Enhancement to the Enterprise Financing Scheme
- Extension of SkillsFuture Enterprise Credit (SFEC)
- Other Tax measures and rebates
2. Bolstering business competitiveness and Pursuing better growth and jobs
- Enhancements to The Partnerships for Capability Transformation (PACT) Scheme
- Introduction of Refundable Investment Credit Scheme
- Introduction of additional concessionary tax rate tiers
3. Securing climate resilience
- Enhancements to Energy Efficiency Grant
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