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Singapore: AI's New Global Hub with Tax Breaks
12 Feb
Summary
- Singapore aims to harness AI with tax breaks and worker training.
- A new National AI Council, chaired by the PM, will oversee AI development.
- Companies can get tax deductions for AI expenditures up to S$50,000.
Singapore has been recognized for its strong business environment, topping the Economist Intelligence Unit's ranking. The nation is actively promoting artificial intelligence adoption through a series of strategic initiatives.
Prime Minister Lawrence Wong announced the formation of a National AI Council, which he will chair, to guide AI development and ensure it serves national interests. The council will also establish guidelines for safe and responsible AI implementation.
To bolster AI integration, Singapore is introducing a 'Champions of AI' program offering tailored support to businesses looking to leverage AI. Furthermore, the Enterprise Innovation Scheme will be expanded to include AI expenditures, providing a 400% tax deduction capped annually until 2028.
The government is also focused on upskilling its workforce. The Skillsfuture website is being enhanced to provide clearer AI learning pathways, empowering Singaporeans to acquire relevant skills for the evolving job market.
