Prime Minister and Minister for Finance Lawrence Wong delivered Singapore’s FY2025 Budget Statement: Onward Together for a Better Future Tomorrow, in Parliament on February 18. Here, we hear from various ISCA members, from across industries, as they share their thoughts on the latest announcements.
BENNY E. CHWEE, FCA (Singapore), Deputy Head (Master of Management Programme) and Senior Lecturer in Tax Accounting and Law, Singapore University of Social Sciences
“Budget 2025’s emphasis on sustainability, innovation and technology calls for the accounting profession to be nimble. Accountants must quickly adapt to evolving reporting standards, integrate advanced technologies and enhance talent strategies. By embracing these challenges and opportunities, the accounting profession can play a crucial role in shaping Singapore’s ‘better tomorrow’.”
SIMON POH, FCA (Singapore), Associate Professor (Practice), Department of Accounting, NUS Business School, National University of Singapore
“Though Budget 2025 does not have any measures targeted directly at the accounting sector, accountants can benefit from enhancements to the SkillsFuture Level-Up Programme that support mid-career Singaporeans aged 40 years and above. In addition to the $4,000 SkillsFuture Credit announced in Budget 2024, they can apply for training allowances of up to $3,000 per month for two years, from March 2025. Those workers who opt for part-time training are not left out as they can tap on a $300 monthly training allowance, from early 2026, for selected part-time courses. These measures will help accountants in their lifelong learning journey.”
LENNON LEE, CA (Singapore), Tax Leader, PwC Singapore
“Private capital is a much-needed lifeline for startups to explore and grow. The introduction of the new $1-billion Private Credit Growth Fund is a welcome move to allow aspiring and high-growth local enterprises that are cash-strapped to forge ahead with crucial funding. We hope that the fund will be designed to provide a full suite of financing options so that better support can be provided to cater to specific needs of enterprises at different stages of development.”
BUDGET 2025: Big 4 breaks down four key moves | Singapore Business Review
SIM SIEW MOON, FCA (Singapore), Senior Partner and Head of Tax, Baker Tilly
“Companies typically list their holding entity, and such an entity may not derive substantial taxable income to enjoy the CIT (corporate income tax) rebate.”
More About Budget 2025 In Our CA Listen Podcast
In addition to our members’ responses to Budget 2025 above, we are hearing more from Sim Siew Moon, and also from Professor Ang Hak Seng, FCA (Singapore), Chairman, ISCA Charity Accounting Committee, in the CA Listen: Sparkling Conversations podcast.
Ms Sim will be diving into the reasons behind the Budget surplus, while Prof Ang is all ready to share his views on Budget 2025 being one for the people. Check out the discussion here.
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