AAIS members spent an interesting morning with Ms Tan Bin Eng (Asean Business Incentives Advisory Leader) and Mr Johanes Candra (Partner, Business Incentives Advisory) of EY LLP. The session organised on 10 May 2023 gathered business leaders and tax/finance professionals to learn about the latest from Singapore’s Budget.
Part 1 focused on the Enterprise Innovation Scheme meant to encourage businesses to engage in R&D, innovation and capability development activities. This was followed by a Q&A session, where participants shared their comments and views on the qualifying criteria for the Enterprise Innovation Scheme.
Part 2 discussed BEPS Pillar 2, Global Anti-Base Erosion (GloBE) rules and Domestic Top-Up Tax of 15%. Singapore will implement these from financial years 1 January 2025 onwards. The session concluded with an interactive Q&A session where participants and speakers engaged in insightful discussions on the impacts and considerations of the BEPS Pillar 2 policy.