Singapore’s Consistent, Agile Support for Innovation and IP in a Digital Age
International Tax Review, 2019
Posted: 16 Aug 2019 Last revised: 2 Jul 2020
Date Written: April 16, 2019
Singapore’s Finance Minister Heng Swee Keat announced tax changes in his 2019 budget statement, which was delivered in Parliament on February 18 2019. These changes need to be appreciated in the broader context of the need for ongoing transformation of Singapore’s economy to capture opportunities in a global environment that is shaped by four major shifts:
1. The shift in global economic weight towards Asia;
2. Rapid technological advancements;
3. Changing demographic patterns; and
4. The decline in support for globalisation.
This year’s budget continued the trend in recent budgets of focusing on building and deepening capabilities of businesses through innovation.
Keywords: Tax Law, Taxation
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