The Chamber’s annual Post-Budget Talk took place on 24 February 2022. We were delighted to have the following three expert practitioners to provide their analyses and insights:-
• Ms. Selena Ling, Chief Economist, Head of Treasury Research & Strategy, OCBC Bank
• Dr. Chua Hak Bin, Regional Co-Head of Macro Research, Maybank Investment Bank Group
• Mr. James Choo, Partner, International Tax and Transaction Services, Ernst & Young Solutions LLP
Key messages include:-
• The time for change is now: time for businesses to refocus on digitalization, transformation and internationalization.
• Singapore’s economy is resilient but will continue on its trajectory of being a high wages, high cost economy.
• There will be increasing volatility in markets providing challenges but plenty of opportunities too – especially green opportunities.
• Even with the GST rate increase, Singapore’s consumption tax rate is modest when compared to those in Asia and further afield.
• Property tax increases are the most natural and effective way to tax wealth and
• The planned hikes in the carbon tax are both necessary and will spur needed innovation.
Many thanks to all our speakers for sharing their expertise and insights. Watch the full webinar here.