More moves expected to promote innovation in Budget 2025, say industry watchers

MOVES to enhance Singapore’s position as an innovation hub are expected to continue in Budget 2025, said industry watchers. 

Targeted tax incentives, grants or co-funding schemes could encourage companies to invest in areas that drive both business and societal impact. This will enhance Singapore’s reputation as a future-ready economy, said Ajay Kumar Sanganeria, KPMG’s head of tax in Singapore.

Based on the Global Innovation Index last year, Singapore came first in Asia and was fourth globally. Singapore has committed S$25 billion to research, innovation, and enterprise between 2021 to 2025, indicated the Singapore Economic Development Board (EDB).  About one-fifth of this amount is specifically dedicated to strengthening innovation platforms and capabilities and developing entrepreneurial talent.