Economy

Singapore eyes corporate tax rise, AI investment in 2024 budget

Finance minister and next PM Wong pledges higher spending amid 'mixed' outlook

20240216.Wong.jpg

Singaporean Finance Minister Lawrence Wong says the city-state's government will boost spending over the next decade. (Singapore Press via AP Images)

DYLAN LOH and TSUBASA SURUGA, Nikkei staff writers
February 16, 2024 20:21 JST

SINGAPORE -- Singapore is set to raise corporate taxes on multinationals from the start of next year while it will beef up efforts to become an artificial intelligence hub, Finance Minister Lawrence Wong said Friday, as he announced the city-state's 2024 budget.

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