February 22, 2024

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Singapore 2023 Budget: Moving Forward in a New Era

The Singapore Budget 2023, under the theme “Moving forward in a new era”, unveiled several initiatives geared towards enhancing the economy, improving the skills and expertise of the workforce, reinforcing social cohesion, and fortifying the nation’s resilience. This year’s tech-related efforts are designed to promote innovation in various industries, as opposed to last year’s budget statement that emphasised digitisation and optimisation of operations.

The Singaporean government has been actively allocating resources towards research and development, acknowledging its importance in propelling the nation’s growth. As such, the government has committed a total investment of SG$25 billion from 2021 to 2025 to encourage research, innovation, and enterprise. The government is also pursuing industry transformation maps to restructure and elevate the nation’s industries one by one.

As a result of these efforts, Singapore has seen notable progress in innovation, but it is not without risks that businesses may struggle to undertake, particularly amid slower growth and higher costs.

To stimulate innovation in Singapore, the government is introducing a new Enterprise Innovation Scheme and enhancing tax deductions for five key areas, including Research and Development carried out in Singapore, Registration of intellectual property, Acquisition and licensing of intellectual property rights for taxpayers with less than SG$500 million in revenue, Innovation with polytechnics and Institute of Technical Education (ITE), and Training via courses approved by Skillsfuture Singapore and aligned to the Skills Framework.

The tax deductions for these activities will increase from 250% to 400%, with a qualifying expenditure cap of SG$400,000 for each activity, except for Innovation with polytechnics and ITE, which has a cap of SG$50,000. This move is expected to result in tax savings of nearly 70% of the investment made.

In addition, to maintain its attractiveness to multinational enterprises and facilitate high-quality investments, Singapore will inject SG$4 billion into the National Productivity Fund, which is currently used to boost productivity for local businesses and citizens, including reskilling and worker training.

Notably, the Singapore Budget 2023 revealed that the NPF’s coverage will now encompass investment promotion, with a focus on providing support to companies to enhance their capabilities, augment domestic ecosystems, and upskill their workforce.

According to the Budget Statement, based on the current global economic conditions, the government anticipates a positive but slower growth rate for Singapore of 0.5% to 2.5% this year.

Despite the projection of slower growth, Singapore’s economic fundamentals remain strong. Singapore’s handling of the pandemic over the past three years has enhanced its reputation as a reliable and trusted node in global supply chains.

Singapore’s deep relationships with both the US and China, as well as partners in ASEAN and the wider region, make it a neutral and increasingly important place for global and regional businesses. Singapore intends to take full advantage of these opportunities to attract new flows of investments, capital, talent, and ideas, all of which will add vibrancy to its economy and create more job opportunities for Singaporeans.

The Singaporean government’s focus on innovation is expected to be a key driver of the nation’s economic growth in the coming years. By encouraging businesses to innovate, Singapore is positioning itself as a leader in technology and knowledge-driven industries, which are likely to be key drivers of growth in the future. Additionally, the promotion of research and development in Singapore will lead to a more highly skilled workforce and support the country’s transformation into a knowledge-based economy.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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