Individual tax changes proposed include:
50% personal income tax (PIT) rebate for resident individuals, capped at 200 Singapore dollars SGD, for income year 2023 (year of assessment 2024).
Progressive withdrawal of the tax concessions for royalty income derived by authors, composers, and choreographers.
Increase in the annual income threshold for dependant-related reliefs from SGD 4,000 to SGD 8,000, with effect from the year of assessment 2025.
Withdrawal of course fees relief from year of assessment 2026.
Withdrawal of Central Provident Fund (CPF) - Cash Top-Up Relief for CPF top-ups that attract matching grants under the Matched Retirement Savings Scheme from year of assessment 2026.
Other tax changes include:
New Additional Buyer’s Stamp Duty (ABSD) concession for single seniors who are Singapore citizens.
Revision to the annual value bands for owner-occupied residential property tax rates from 1 January 2025.