Budget 2026 puts AI, and a new National AI Council, at the centre of Singapore's growth plan
Companies get a 40% corporate tax rebate as Prime Minister Lawrence Wong chairs a new council steering Singapore's AI push.
Singapore's Budget 2026, delivered by Prime Minister and Minister for Finance Lawrence Wong on 12 February, puts artificial intelligence at the centre of the country's next phase of economic growth.
Companies will receive a 40% corporate income tax rebate for the 2026 year of assessment, capped at $30,000 each. Firms that made no profit but employed at least one local staff member with CPF contributions in 2025 can instead claim a $1,500 cash grant.
A council chaired by the Prime Minister
A new National AI Council, chaired by PM Wong himself, will steer the country's AI agenda, alongside a "Champions of AI" programme offering tailored support, including enterprise transformation and workforce training, to firms adopting AI.
The Enterprise Innovation Scheme will also be widened to cover AI-related spending as a qualifying activity for the 2027 and 2028 assessment years, capped at $50,000 each year.
