Singapore budget 2023: impact for businesses.

On February 14, 2023, the government of Singapore unveiled the 2023 national budget with the theme focused on building the capabilities of Singaporeans and seizing new opportunities amid heightened global uncertainty.

Government spending is expected to reach S$104.2 billion (US$78.1 billion) with the overall budget deficit for 2023 at S$400 million (US$299 million) or 0.1 percent of GDP. The economy is expected to see positive but slower growth, ranging between 0.5 and 2.5 percent. However, external factors, such as the prolonged Russia-Ukraine conflict and the decline of the US and European economies, will greatly impact global trade. As such, inflation in Singapore is expected to remain high at least for the first half of 2023.

Budget 2023 issues support for Singapore businesses as they transition to a post-COVID-19 world and combat elevated inflation and growth slowdown. These include tax...