Budget 2024: Refundable Investment Credit scheme could boost Singapore’s competitiveness
Add BT as a preferred source
Genevieve Cua
- RIC scheme reflects Republic’s seriousness in reviewing incentive, tax policies
- Move could help alleviate costs, incentivise corporates to make substantial investments in high-value activities
TAX consultants praised the Refundable Investment Credit (RIC) scheme for its potential to enhance Singapore as an attractive base of operations for multinational enterprises (MNEs).
This comes as a new regime of a global minimum tax rate of 15 per cent is set to kick in.
The scheme, a tax credit with a refundable cash feature, was announced by Finance Minister Lawrence Wong in his Budget speech. It is consistent with the Global Anti-Base Erosion Rules for Qualified Refundable Tax Credits.
TRENDING NOW
DBS, OCBC and UOB shares hit all-time highs as sentiment improves
E-commerce job cuts signal S-E Asia’s shift from scaling to deeper user engagement
Targeted credit relief: Vietnam steers funding to Vingroup, Sun Group, Masterise megaprojects
With AI, it’s not about coding better; workers need to think better: Koh Boon Hwee
