On or about 14 Feb 2022, the Parliament of Singapore website has released to a Bill containing changes to the Economic Expansion Incentives (Relief from Income Tax) Act 1967 (the Act) has completed its passage through parliament and awaits assent.
The Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2022 amends the Act to give effect to the tax changes announced in Budget 2021 and to enable the Minister for Trade and Industry (the Minister) to assign to a public body a function or power under the Act.
The amendments will apply after Presidential assent, from a date that the Minister appoints by notification in the Gazette.