On or about 2 September 2019, the Income Tax (Amendment) Bill was read for the first time in Parliament on 2 September 2019.
The main proposed amendments are:
- The granting of a personal income tax rebate of 50% of tax payable capped at $200 for all tax resident individuals for the Year of Assessment (YA) 2019 (ie for income earned in 2018).
- The lapsing of the Not Ordinarily Resident (NOR) scheme after YA 2020. The last NOR status granted in YA 2020 will expire in YA 2024.
- The extension and refinement of tax incentive schemes for funds managed by Singapore-based fund managers. The extension of tax concessions relating to qualifying funds under s 13CA/13R/13X of the ITA will be until 31 December 2024.
Other proposed amendments are changes to current tax policies and administration arising from the periodic review of Singapore’s income tax system.
For more information, please visit the Parliament of Singapore website.
Source: Parliament of Singapore website , 2 September 2019.