Singapore eyes corporate tax rise, AI investment in 2024 budget

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.

Wong, who is also deputy prime minister, said the government will boost spending over the next decade, with a SG$111.76 billion ($83 billion) bill expected for the current financial year, or about SG$5 billion more than in 2023.