PwC also recommends the government to consider granting manufacturers a credit, which will be calculated using a certain percentage qualified investment cost or pegged against some measurable target. For instance, environmental, social and governance (ESG) as a payment against tax.
Singapore’s Budget 2024 should uplift businesses, operationalise sustainability and extend care to employees. Those are among the top three recommendations released by PwC Singapore on Dec 19, in relation to the upcoming Budget 2024.
To uplift businesses, PwC suggests a framework for granting refundable credits for multinational enterprises (MNEs) with Singapore operations. For example, this should be in line with the Global Anti-Base Erosion Rules (GloBE) rules, a set of global regulations that ensure large MNEs pay a minimum level of tax on the income arising in each of the jurisdictions where they operate, to minimise impact of any top-up tax.
