December 19, 2022
Singapore announces new Manpower for Strategic Economic Priorities Scheme
Effective December 13, the Singapore authorities launched the Manpower for Strategic Economic Priorities (M-SEP) Scheme. The M-SEP Scheme is designed to support businesses that strengthen Singapore's economic priorities and competitiveness, and secure employment and training opportunities for citizens of Singapore. The M-SEP Scheme supports and incentivizes companies that contribute to Singapore's economic growth and competitiveness. While the Scheme provides companies with extra flexibility for S Pass and Work Permit holders, these companies are also subject to specific requirements before renewing their M-SEP status.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.
Full text of Tax Alert