FY 2022 Goods and Services Tax (GST)
Tax changes - GST Increase the GST rate to meet increased recurrent spending needs The GST rate increase will be delayed to 2023. To meet increased recurrent spending needs, The GST rate will be increased in two steps: From 7% to 8% with effect from 1 January 2023;...
FY 2022 Individual Income Tax Rates
On or about 18 Feb 2022, the Minister for Finance, Mr. Lawrence Wong, delivered his Budget Statement for the Financial Year 2022. Tax changes - Individuals Enhance the progressivity of Personal Income Tax (“PIT”) of tax-resident individual taxpayers The top marginal...
FY 2022 Enterprise Disbursements
On or about 18 Feb 2022, the Minister for Finance, Mr. Lawrence Wong, delivered his Budget Statement for the Financial Year 2022. Support for Workers and Businesses Progressive Wage Credit Scheme The Progressive Wage Credit Scheme provides transitional wage support...
IRAS e-Tax Guide: 2023 GST Rate Change – A guide for GST-registered businesses
On or about 18 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has published the third edition of the e-Tax Guide on 2023 GST Rate Change – A Guide for GST-registered Businesses. The Minister for Finance announced in Budget 2022 that the GST rate will be...
FY 2022 Finance Sector
On or about 18 Feb 2022, the Minister for Finance, Mr. Lawrence Wong, delivered his Budget Statement for the Financial Year 2022. Enhance the Tax Incentive Scheme for Funds Managed by Singapore-based Fund Manager (“Qualifying Funds”) To continue growing Singapore’s...
FY 2022 Transport Sector
On or about 18 Feb 2022, the Minister for Finance, Mr. Lawrence Wong, delivered his Budget Statement for the Financial Year 2022. Extend the broad-based withholding tax (“WHT”) exemption for container lease payments made to non-tax-resident lessors under operating...
FY 2022 Businesses
On or about 18 Feb 2022, the Minister for Finance, Mr. Lawrence Wong, delivered his Budget Statement for the Financial Year 2022. Study the introduction of the Minimum Effective Tax Rate (“METR”) Regime In response to the global minimum effective tax rate under the...
FY 2022 Property Tax
On or about 18 Feb 2022, the Minister for Finance, Mr. Lawrence Wong, delivered his Budget Statement for the Financial Year 2022. Enhance the progressivity of property tax for owner-occupied residential properties The progressive property tax rates for owner-occupied...
Singapore Budget 2022
On or about 18 Feb 2022, the Minister for Finance, Mr Lawrence Wong has delivered the 2022 Budget statement which contains various measures to support businesses and individuals with job creation, incentives and tax relief measures. Corporate tax Updated the corporate...
Tax Governance and Tax Risk Management
On or about 17 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updates its website content to tax governance and tax risk management. Tax governance and tax risk management are essential to a good corporate governance. Tax governance encompasses a...