Corporate Tax Changes:
Corporate income tax (CIT) rebate of 50% and a CIT rebate cash grant of 2,000 Singapore dollars (SGD) for eligible companies, subject to a combined (tax rebate and cash grant) cap of SGD 40,000 for income year 2023 (year of assessment 2024).
Implementation of the Income Inclusion Rule (IIR) and Domestic Top-up Tax (DTT) for in-scope businesses for financial years starting on or after 1 January 2025, but the undertaxed profits rule (UTPR) will only be considered at a later stage.
Introduction of a new Refundable Investment Credit (RIC).
Introduction of additional concessionary tax rate tiers of 15% for the Global Trader Programme, Development and Expansion Incentive, and Intellectual Property Development Incentive, and 10% for the Finance and Treasury Centre Incentive and the Aircraft Leasing Scheme.
Introduction of an alternative net tonnage basis of tax for shipping enterprises under the Maritime Sector Incentive.
Extension and enhancement to the tax incentives for asset and wealth management.
Introduction of a new Overseas Humanitarian Assistance Tax Deduction Scheme (applicable from 1 January 2025 to 31 December 2028), which allows donors to deduct cash donations made through designated charities towards overseas emergency humanitarian assistance, subject to a cap.
Enhancement of the tax deduction for renovation or refurbishment expenditure.
Revision to the Additional Buyer’s Stamp Duty (ABSD) remission clawback rates for housing developers.