Delivering the Budget 2023 speech in Parliament on Tuesday , Deputy Prime Minister and Finance Minister Lawrence Wong said that the world’s economy is expected to enter a stage of greater contestation and fragmentation, with nations thinking less about mutual benefit and interdependence and more about national gain and security.
Governments are increasingly imposing sanctions, investment prohibitions and export controls, as well as implementing aggressive tax breaks and subsidies to anchor strategic industries within their countries, he said. A new Enterprise Innovation Scheme will allow businesses to qualify for greater tax deductions of up to 400 per cent for spending on activities related to innovation that include:Innovation carried out with polytechnics and Institutes of Technical Education
Cash payouts under the Assurance Package will be increased to up to S$2,250 for eligible Singaporeans over five years. Households can also get another S$100 in Community Development Council Vouchers in 2024 Babies born from Oct 1, 2020 to Sept 30, 2022 previously received a one-off Baby Support Grant of S$3,000. This will be extended to Feb 13, 2023
With immediate effect, the CPF Housing Grant will be increased by S$30,000 for eligible first-timer families buying four-room or smaller resale flats, and by S$10,000 for those getting five-room or larger flats
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