Past event | Budget 2025 Talk

Wrapping up an insightful Budget Talk 2025!

The Budget Speech on 18 February outlined the government's plans for 2025 and the planned changes in the legal and tax environment. On 26 February, we held an event summarizing the main legal and tax changes and how these may influence companies and resident individuals in the ongoing calendar year.

David Martiny, Head of Tax South-East Asia at Luther LLP, opened the presentation with an overview of Key Budget Facts for FY2024, explaining revenue collections and expenditures. He then provided an in-depth analysis of Singapore’s fiscal direction for 2025, covering:

• Corporate tax exemptions & rebates – Enhanced incentives for startups, SMEs, and businesses investing in innovation and growth.
• Implementation of BEPS 2.0 – Ensuring multinational enterprises (MNEs) comply with the new global minimum tax requirements.
• New tax incentive schemes – Updates to existing tax breaks and new incentives supporting R&D, sustainability, and digital transformation.
• Capital gains tax on foreign assets – A significant change introducing taxation on certain overseas asset disposals.

Dr. Maximilian Kressner, Attorney-at-Law at Luther LLP, then took the stage to explore the non-tax aspects of the Budget. As Maximilian pointed out, his presentation has grown over the years as Singapore continues to expand benefits for its citizens—especially in light of its 60th anniversary and the upcoming elections. Key highlights included:

• SG60 Package & citizen benefits – Marking Singapore’s milestone year with expanded support, including SG60 vouchers, a baby gift package, and more.
• Workforce upskilling & employment initiatives – Strengthening SkillsFuture programs, increasing CPF contributions for senior workers, and enhancing workforce transformation incentives.
• Sustainability & climate resilience investments – Major funding for clean energy initiatives, coastal protection, and electric vehicle adoption, reinforcing Singapore’s long-term green strategy.

A huge thank you to BLCC Singapore and Singaporean-German Chamber of Industry and Commerce / AHK Singapur for co-organizing and to Luther for sponsoring this event and providing such valuable insights. The engaging Q&A session demonstrated how relevant these topics are for businesses and individuals in Singapore!