Singapore – Budget 2023

Philanthropy Tax Incentive Scheme for Family Offices

A tax incentive scheme will be introduced for qualifying donors with Family Offices operating in Singapore. To qualify, donors must have a fund under MAS’ section 13O or 13U schemes and meet eligibility conditions, such as incremental business spending of S$200,000. Under the scheme, qualifying donors can claim 100% tax deduction for overseas donations made through qualifying local intermediaries. The tax deduction is capped at 40% of the donor’s statutory income.

MAS will provide further details by 30 June 2023.


Increase in the CPF Monthly Salary Ceiling

To keep pace with rising salaries, the Government will raise the CPF monthly salary ceiling from S$6,000 to S$8,000 by 1 January 2026. The increases will be over 4 years to allow employers and employees to adjust to the changes. The first increase of the CPF monthly salary ceiling takes place on 1 September 2023.

  • Current – S$6,000
  • From 1 Sep 2023 – S$6,300
  • From 1 Jan 2024 – S$6,800
  • From 1 Jan 2025 – S$7,400
  • From 1 Jan 2026 – S$8,000

For more information, please refer to:


Increase in Senior Worker CPF Contribution Rates

To continue strengthening the retirement adequacy of our senior workers, the employer and employee CPF contribution rates for employees aged above 55 to 70 will be raised by up to 1 percentage point each from 1 January 2024. As with previous increases, this increase will be fully allocated to the Special Account to help senior workers save more for retirement.

A one-year CPF Transition Offset equivalent to half of the 2024 increase in employer CPF contribution rates will be provided to employers to mitigate the rise in business costs due to this increase.  This will be provided automatically and employers need not apply for the offset.

For more information, please refer to:


Tax Changes for Businesses

For an overview of tax changes for business announced in Budget 2023, please refer to:—overview-of-tax-changes-and-enterprise-disbursements