The 2019 Singapore Budget was handed down on 18 February 2019. It was generally a feel-good affair, notable for initiatives such as the generous Merdeka Generation Package and the Bicentennial bonus.
Compared to previous years, the budget was light on tax-related changes. Many of the tax changes which were announced are relevant to wealth managers and institutional fund managers. These may be seen as a continuation and refinement of the local fund incentives which support the growing importance of Singapore as an asset management and funds domicile hub. Set out below is a summary of these developments.