Everything Everywhere All At Once (for almost Everyone)

THE 2024 Singapore Budget can be best described with the title of a recent award-winning movie called Everything Everywhere All At Once, but certainly without the chaos.

Deputy Prime Minister Lawrence Wong’s present on “Ren Ri” or “Everybody’s Birthday” (which falls on the seventh day of the Chinese New Year) unveiled a milestone Budget that helps to address everything about the numerous challenges ahead brought about by cost-of-living increases, threats to jobs, wars and global uncertainty, international tax challenges and climate change, among others. The list is long and reaches everywhere. The matching breadth of the 2024 Singapore Budget deserves our salute.

We see targeted tax rebates that are capped and focused on those in greater need. We see help extended to property owners through the adjustments to the Annual Value bands. Even those who are cash-poor but asset-rich received some respite as they can avail themselves to a longer instalment term over 24 months. It was made clear that property tax is a wealth tax that is now focused on high-end residential properties. But, the net was cast a bit too wide; so I’m sure many are grateful for the adjustment.