Amendments gazetted on 9 December 2025 formally expand the administrative authority of three key public bodies—the Economic Development Board (EDB), Enterprise Singapore (ESG), and the Maritime and Port Authority of Singapore (MPA)—over specific income tax incentives. This strategic delegation under Section 3A of the Income Tax Act aims to streamline the application and approval process by aligning oversight with sector-specific expertise.
Key Delegations and Implications:
EDB and ESG are now jointly authorised to administer powers under Section 92K, pertaining to tax rebates for companies listing shares on approved Singapore securities exchanges. This clarifies the pathway for corporates seeking equity market incentives and necessitates engagement with the relevant board based on corporate profile and sector.
EDB has received sole authority to exercise functions under Section 14EB, governing deductions for payments under qualifying innovation cost-sharing agreements. Companies involved in such collaborative R&D arrangements must now channel all applications and correspondence regarding this deduction through EDB.
MPA’s authority is significantly broadened. It may now exercise powers related to Sections 13(5), 13(5A), and 13(5C) for approved shipping financing enterprises, and Section 43U, which covers concessionary tax rates for shipping-related support services provided by approved Special Purpose Vehicles (SPVs). This consolidation under MPA simplifies regulatory touchpoints for maritime finance and ancillary service providers.
Action Points:
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Application Routing: Confirm the correct administering agency for client incentives. Historical applications may now fall under a different body.
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Procedure Review: Anticipate potential updates to application forms, submission portals, and guidelines as each agency internalises its new mandate.
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Compliance Monitoring: For clients with existing incentives, ensure ongoing compliance communications are directed to the newly assigned authority.
This move signals a more integrated, sector-led approach to fiscal policy administration. Professionals should review the specific Amendment Notices and monitor subsequent agency communications for detailed procedural guidance.
Source: The Government Gazette, 10 December 2025