In response to new global developments in the post-pandemic era, the Singapore government recently presented Budget 2023. A number of developments arising from the Budget may have an impact on the net-of-tax return on business investments. Aerospace business leaders and tax and finance professionals should take note of these, even as the industry recovers and sees a flurry of new activities and investments.
Singapore will be joining the EU, Japan, Korea and other countries in implementing the Global Anti-Base Erosion (GloBE) rules and Domestic Top-Up Tax of 15%, affecting financial years from 1 January 2025 onwards. For companies enjoying existing tax incentives in Singapore such as the Pioneer-manufacturing incentive, Development and Expansion Incentive and Aircraft Leasing Scheme, the introduction of these rules may have an impact on the benefits originally anticipated.
Singapore has introduced the Enterprise Innovation Scheme to encourage businesses to engage in R&D, innovation and capability development activities. This scheme also includes a cash conversion option, which would be especially helpful for small and medium enterprises.
AAIS is pleased to present two speakers from EY to share about the above developments and what you should take into consideration. The presentations will be followed by an opportunity to obtain answers to your questions. AAIS Members attend for free, and Non-Members for a fee
Asean Business Incentives Advisory Leader at Ernst & Young LLP
Bin Eng is EY Asean Business Incentives Advisory Leader in Singapore helping companies identify qualifying activities and obtain incentives across Southeast Asia. Her role covers areas such as tax deduction claims for R&D, preparing incentive applications and discussions with authorities on incentive negotiations.
She was previously seconded to Ernst & Young LLP in the US as International Director, ASEAN Incentives. In that role, she helped American businesses plan their Southeast Asian operations and expansion into the region.
Bin Eng has more than 10 years of civil service experience, including the design and administration of tax and financial incentive programs at the Singapore Economic Development Board. She also handled tax-related policy matters at the Ministry of Finance in Singapore.
Bin Eng holds a BSc in Economics and Statistics (Hons) from the National University of Singapore.
Partner, Business Incentives Advisory at Ernst & Young LLP
Johanes leads a diverse team of accountants, engineers, economists and other professionals to help companies leverage business incentives as well as facilitate their conversations with authorities on tax and socioeconomic policies in Southeast Asia.
He helps companies with incentive feasibility assessments, incentive negotiations, R&D tax credit claims, foreign direct investment location studies and related tax controversies.
Johanes was previously involved in strategic investment promotion as well as industry and national productivity policy development at the Singapore Economic Development Board. Earlier in his career, he was a process and equipment engineer in the semiconductor industry.
Johanes holds an MSc from Singapore-MIT Alliance for Research and Technology and a BEng (Mechanical and Production Engineering) from Nanyang Technological University, Singapore.