Singapore

The 2023 Budget was announced on 14 February 2023. Changes were proposed to the reliefs available to working mothers with qualifying children who are Singapore citizens from year of assessment 2025, including changes to the Working Mother’s Child Relief, the withdrawal of the foreign domestic worker levy relief and enhancement of the grandparent caregiver relief.

Other changes proposed include:

• Extension of the enhanced tax deduction for qualifying donations.
• Increase in the Buyer’s Stamp Duty rates for higher-value residential properties and non-residential properties.
• Changes to the Central Provident Fund (CPF) contribution rates for senior workers and gig economy workers, the minimum monthly payouts for seniors, and an increase in the monthly salary ceiling for CPF contributions.

For details of the 2023 Budget proposals, refer to our 2023 Budget Commentary at www.pwc.com/sg/en/tax/singapore-budget-2023/commentary.html.