Budget 2024
Budget 2024
Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, delivered Singapore’s FY2024 Budget Statement on Friday, 16 February 2024 at 3.30pm in Parliament.
Find out which schemes you may be eligible for, and how you can apply for them in the links below.
- Download the Budget 2024 Business Booklet
- Download the Budget 2024 - Budget Navigator (for Businesses)
Visit the MOF website for more information on Budget 2024.
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Enterprise Development Grant (EDG)
The EDG helps Singapore companies grow and transform. This grant supports projects that help you upgrade your business, innovate or venture overseas. Receive up to 70% support for eligible costs.Energy Efficiency Grant (EEG)
The Energy Efficiency Grant (EEG) aims to help businesses within the Food Services, Manufacturing or Retail sectors to cope with rising energy costs, through co-funding investments in more energy-efficient equipment.Future Energy Fund
The Future Energy Fund supports infrastructure investments for energy transition to net-zero future.Heartland Enterprise Placemaking Grant
The Heartland Enterprise Placemaking Grant (HEPG) encourages heartland merchants to organise innovative placemaking activities. These include community engagement activities, public art installations, workshops, and thematic festivals.Market Readiness Assistance (MRA) Grant
SMEs looking to take their business overseas can receive up to 70% support for eligible costs with the MRA grant from 1 April 2020 - 31 March 2023.Partnerships for Capability Transformation
The enhanced Partnerships for Capability Transformation scheme will support more collaborations between multinational corporations, large local enterprises, and SMEs, including capability training, internationalisation and corporate venturing.Productivity Solutions Grant (PSG)
The PSG supports businesses in the adoption of productivity solutions. Businesses can choose from a list of pre-scoped solutions and receive up to 50% funding support for eligible costs.Resource Efficiency Grant for Energy (REG(E))
REG(E) encourages companies with manufacturing or data centre activities to implement projects that improve energy efficiency or reduce non-CO2 greenhouse gas (GHG) emissions.Sustainability Reporting Grant
The Sustainability Reporting Grant will provide funding support for large companies with annual revenue $100 million and above, to cover a portion of their costs in producing their first sustainability report in Singapore. -
Career Conversion Programmes
Career Conversion Programmes (CCPs) help companies to meet their manpower needs by providing employers with salary support to reskill mid-career new hires and existing employees for growth jobs in demand. WSG offers CCPs across around 30 sectors. -
Enhanced Enterprise Financing Scheme - Project Loan
Extension of support for domestic projects for construction sector until 31 March 2025.Enhanced Enterprise Financing Scheme - Trade Loan
Extension of support until 31 March 2025 at 50% Government risk-share.Enhanced Enterprise Financing Scheme - SME Working Capital Loan
Extending support for SMEs to finance their operational cashflow needs. Maximum loan quantum increased to $500,000.Enterprise Financing Scheme (EFS)
The EFS helps Singapore enterprises to access financing more readily. EnterpriseSG will share the loan default risk in the event of enterprise insolvency with the Participating Financial Institutions.Enterprise Financing Scheme-Green (EFS-Green)
Extension of support to include the adoption of green solutions till March 2026. -
Corporate Income Tax Rebate
50% Corporate Income Tax Rebate for companies in the Year of Assessment 2024, capped at $40,000. Minimum cash payout of $2,000 for smaller companies that employ at least one local employee.Double Tax Deduction for Internationalisation (DTDi)
Companies planning to expand overseas can benefit from the DTDi, with a 200% tax deduction on eligible expenses for international market expansion and investment development activities.Refundable Investment Credit
Support qualified firms in developing high-value and substantive economic activities in key sectors and new growth areas in Singapore.
Stay Tuned: More information related to Budget 2024 for Businesses will be updated here progressively.
Find relevant schemes for your businesses
Simply answer a few questions about your business needs to get our recommendations from our e-Adviser for Government Assistance.
