PwC Singapore’s Budget 2019 proposals to enhance Singapore's economy

Singapore, 18 December 2018 – PwC Singapore today released a set of recommendations which were provided to the Ministry of Finance for consideration in relation to the upcoming Singapore Budget 2019.

Chris Woo, Tax Leader, PwC Singapore, said:

“Increasing uncertainty, changing trade winds and ageing demographic in the developed world presents both challenges and opportunities for Singapore. PwC’s ‘Proposals to Enhance Singapore’s Economy’ suggests changes to enable the city-state to have a fiscally sustainable and secure future.

“Policymakers should look into enhancing existing initiatives to grow stronger local enterprises and strengthen Singapore’s position as a startup hub. In our proposals, we called for targeted reliefs and funding that would help businesses alleviate the investment cost of going digital, and encourage them to digitise their data and modernise their processes.

“It is imperative that this Budget prepares for a more uncertain future by recognising the need to balance revenue collection pressure vis-à-vis targeted use of tax measures. By focusing on key themes, the Government could leverage the opportunity presented in Budget 2019 to further inspire confidence in Singapore’s future while demonstrating empathy for the people’s every day challenges. Only so can Singapore develop a more resilient and future-ready nation.”

Notes to Editor

Kindly refer to the ‘Proposals to enhance Singapore’s economy’ appended below.