Singapore Businesses Receive Boost as Border Restrictions to Ease
Singapore will significantly ease cross-border travel restrictions from April 1, 2022, and allow vaccinated travelers to enter the country without requiring quarantining. This also means the country’s current vaccinated travel lane (VTL) schemes will be scrapped.
Singapore to Implement New Points System for Employment Pass Applicants From 2023
The government hopes that the new system – laid out under the Complementarity Assessment Framework (COMPASS) – will improve the capacity of Singaporean businesses to select high-quality foreign professionals and ensure workforce diversity.
Vietnam’s PM State Visit to Singapore Underscores Increasing Trade, Investment
During the three-day visit, Singapore and Vietnam signed five agreements and several memoranda of understanding (MoUs) on strengthening cooperation in defense, trade, and digital economy, intellectual property, and the social sector.
New Tax Measures Impacting Businesses and Individuals in Singapore’s Budget 2022
The moves come as Singapore emerges from an economic slump as the government has committed over S$100 billion (US$74 billion) over the last two years to cushion the economy from the impact of the pandemic.
Singapore and the UK will promote and facilitate rules that develop a safe and secure e-payment system. This includes encouraging businesses to use Application Programming Interfaces (APIs) and adopting internationally accepted standards.
Incentives and Support for Businesses in Singapore’s Budget 2022
Singapore’s S$109 billion (US$80 billion) budget provides a variety of new tax measures, such as plans to increase the goods and services tax from 2023 and an increase in personal income tax for those earning more than S$500,000 (US$371,000) from 2024.
What Support is Available for Singapore Companies to Expand Overseas?
The DTDi provides a 200 percent tax deduction on qualifying market expansion and investment development expenses. This is subject to approval from Enterprise Singapore (ESG) or the Singapore Tourism Board (STB).
After a strong first half of the year, in which many countries recorded double-digit year-on-year growth, the spread of the Delta variant in the third quarter led to the implementation of lockdowns and travel restrictions across the region.
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