PwC Singapore’s Budget 2021 proposals to support Singapore’s Economic and Digital Transformation

Ahead of the Singapore Budget 2021, PwC Singapore has released its Proposals to Enhance Singapore’s Economy.

These recommendations have been provided to the Ministry of Finance for consideration around the key themes of supporting economic transformation, building a resilient and progressive tax system and cushioning the impact of Covid-19, PwC said in a press release.

Chris Woo, Tax Leader, Singapore, PwC, said: “Covid-19 has pushed organisations to rethink the way they do business. The upcoming Budget 2021 should build upon earlier efforts with the aim to emerge stronger together.”

“We have proposed several initiatives for Budget 2021 which can contribute to greater nation-building, taking into account rapid digitalisation and recovery from Covid-19. Our key proposals are around digitalisation for SMEs, new approaches to upskilling, addressing food security, reinforcing our cybersecurity and enhancing our tax system; all with the aim to strengthen our economy and its people.”

“With the uncertainty surrounding the pandemic and the instability of the global geopolitical climate, this Budget will need balance providing support for transformation that is sustainable while increasing needed government tax revenue based on a broader purpose to grow Singapore’s economy.”

PwC Singapore’s Budget 2021 ‘Proposals to enhance Singapore’s economy’ can be found HERE.