Moderate Growth Forecasted Amid Economic Uncertainty
After a 17% surge in the last fiscal year, Singapore’s tax revenue is projected to continue rising in FY24/25 but at a slower pace, according to tax specialists.
Harvey Koenig, partner at KPMG Singapore, noted that a significant increase in corporate tax collections is unlikely. This is due to the Ministry of Trade and Industry’s recent adjustment of the GDP growth forecast for 2024, which now stands at 2 to 3 percent. Koenig also pointed to ongoing downside risks, such as geopolitical tensions and trade developments, which could dampen business sentiment and affect overall economic performance.
