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【Singapore Company Registration Tips】 Singapore's Ministry of Finance proposes to amend the Income Tax Act

【Singapore Company Registration Tips】 Singapore's Ministry of Finance proposes to amend the Income Tax Act
【Singapore Company Registration Tips】 Singapore's Ministry of Finance proposes to amend the Income Tax Act

June 6, 2023, Singapore Ministry of Finance issued a document suggesting amendments to the Income Tax Act in 33 places and publicly solicited opinions. The proposed amendments in 19 places refer to tax measures announced in the 2023 Budget statement, 14 places are amendments suggested following international developments and periodic reviews by the Singapore Ministry of Finance.

Image source: Singapore Ministry of Finance

 

Amendments to the tax measures announced in Singapore's 2023 Budget statement that have come into effect include: (1) Enterprise Innovation Scheme providing a 400% "tax deduction" for expenditure on research and development, intellectual property registration, acquisition, and licensing, and qualified training activities. (2) Family Office Philanthropic Tax Incentive Scheme allowing eligible individuals to receive a 100% tax deduction. (3) Working Mother’s Child Relief will be changed from 2025 to a fixed amount ranging from S$8,000 to S$12,000, no longer calculated based on the mother's income.

Amendments following international developments and periodic reviews by the Singapore Ministry of Finance include: (1) Tax revenue from the sale of foreign assets in Singapore by companies without economic substance in Singapore aimed at addressing international tax avoidance risks. (2) Requiring intermediary agencies to submit income information for self-employed individuals This is to facilitate the income tax assessment of self-employed individuals (such as commission agents) by transferring income directly from intermediary agencies to the Singapore Inland Revenue Authority.

From June 6 to June 30, 2023 the public can email their opinions to the Singapore Ministry of Finance. For details, please visit the official website of the Singapore Ministry of Finance The Singapore Ministry of Finance will in August 2023 issue a response to the opinions received.


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【Singapore Company Registration Tips】 From September 1, 2023, applicants for Employment Passes (EP) in Singapore will need to have their educational qualifications verified.

【Singapore Company Registration Tips】 The Singapore Ministry of Manpower has authorized 12 background check companies to verify the educational qualifications of foreign employees.

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