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The 2024-25 Budget

  • Business registration fees: increase by $200 to $2,200 per annum from 1 April 2024. Business registration levy of $150 will be waived for 2 years

  • Proposed two-tier standard rates regime for salaries tax and tax under personal assessment: affecting only taxpayers with over $5 million net income and whose tax payable is calculated at standard rate. Taxpayers on progressive rates will not be affected

  • Hotel Accommodation Tax: Resume collection at 3% starting from 1 January 2025

  • Progressive rating system for domestic properties: Affecting domestic properties with rateable value over $550,000 only


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