PWC Singapore and SBF push for globally competitive businesses

They recommended tax rebate of up to 50% for non-residential properties to address cost pressures faced by businesses.

PwC Singapore and the Singapore Business Federation jointly called for enhanced support to develop globally competitive and sustainable businesses.

In their joint Budget 2025 Proposal titled “Forging Ahead with Confidence in Uncertain Times”, they emphasised the importance of upskilling the workforce through enterprise initiatives and alleviating business costs to foster a resilient and future-ready economy.

They recommended a one-off property tax rebate of up to 50% for non-residential properties and extending wage support through the Progressive Wage Credit Scheme to address cost pressures faced by businesses.

They also proposed enhancements to the Productivity Solutions Grant (PSG), which would provide SMEs greater flexibility to adopt modular, customised solutions for digitalisation.

Meanwhile, the introduction of an Enterprise and Workforce Transformation Grant is proposed to support job redesign, productivity improvements, and upskilling, which includes funding up to $100,000 per enterprise.

Lastly, they recommended the introduction of a national Prompt Payment Code of Conduct to address the issue of delayed payments, especially for SMEs to promote fair payment practices and reduce financial strain.

Additionally, addressing business costs is identified as a critical factor in maintaining the viability and growth of enterprises. Through targeted support and policy measures, the partnership seeks to create an environment conducive to innovation and sustainable development.

This joint effort underscores a comprehensive approach to economic growth, integrating workforce development, cost management, and sustainability to ensure long-term success for Singapore's business community.

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