The Inland Revenue Authority of Singapore (IRAS) has completed the disbursement of the Corporate Income Tax (CIT) Rebate cash grant. Eligible tax resident and non-tax resident companies were credited with the S$2,000 grant by 25 August 2024.
Expanded Eligibility Criteria
The 2024 CIT Rebate Cash Grant scheme was extended beyond standard corporate entities to include:
- Registered Business Trusts
- Variable Capital Companies (VCCs)
provided they meet the stipulated local employee condition.
Appeal Mechanism for Non-Receipt
Entities meeting the local employee condition via centralised hiring or secondment arrangements, but which did not receive the grant by the end of Q3 2024 (September 30, 2024), are eligible to appeal. Appeals must be submitted via IRAS’s myTaxMail service by 30 November 2024, using the subject line: ‘Appeal for CIT Rebate Cash Grant’.
Key Dates
- Disbursement Completion: 25 August 2024
- Appeal Deadline: 30 November 2024
Companies are advised to verify receipt and review eligibility requirements on the official IRAS website. Failure to appeal by the 30 November 2024 deadline will result in forfeiture of the grant for the 2024 scheme year.
Source: IRAS, 23 August 2024.