, Singapore

KPMG allocates $1b to green initiatives

Along with this, the group recommends a green financing bank.

KPMG’s proposal for the 2022 Singapore budget included environmental, social, and governance (ESG) provisions, global taxes, and support for enterprises. 

“Budget 2022 will need to address several upcoming challenges. Climate change has become a top priority for countries and companies; the impending global tax could affect multinational corporations' decision to locate in Singapore, while supply chain concerns and border restrictions will still be top of mind," said Ajay Kumar Sanganeria, partner, head of Tax, KPMG in Singapore.

To aid the ESG agenda, measures against greenwashing were recommended by the group. 

Focusing on strengthening investment in sustainable infrastructure projects were also recommended by the proposal, with KPMG suggesting the set-up of a green financing bank for the region. The Singapore Exchange was also highlighted as another catalyst to speed up the attraction of green bonds. 

Other measures highlighted by the agenda include investment in alternative energy sources and the encouragement of landlords towards green buildings. Included in the perks for landlords are exemptions on taxable gains, GST rebates on imported green-related equipment and raw materials, an extension of the Building Retrofit Energy Efficiency and a 200% tax allowance. 

On the side of global tax, meanwhile, refundable tax credits were one of the measures supported by KPMG. This would replace the existing tax deductions scheme with a refundable tax credits scheme, allowing for the cushioning of global tax rules.

Enhancements in incentives for Regional HQs for MNCs and packages for companies were also stated as potential ways to aid tax opportunities. This includes concessionary tax rates of 10% for qualified income, grants to anchor research and development (R&D) activities in Singapore, and enhanced tax deductions for R&D performed outside Singapore.

To know more about the proposal, the entire paper can be found here.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.