We have pleasure in enclosing an extract of the Singapore Budget 2023 – Tax Changes and Enterprise Disbursement, from IRAS presented in Parliament on 14 February 2023 by Deputy Prime Minister and Finance Minister Lawrence Wong for your information. This year’s budget focus on “Moving Forward in New Era”, to [...]
NAVIGATION Enhancement of Electric Vehicle (EV) Early Adoption Incentive (EEAI) Transitional Offset Measures for Vehicles Using Petrol Revision to Petrol Duty Rates 1. ENHANCEMENT OF ELECTRIC VEHICLE (EV) EARLY ADOPTION INCENTIVE (EEAI) To encourage early adoption of EV, a 45% rebate on the [...]
NAVIGATION Individual Income Tax Rate GST Voucher (GSTV) - Cash Special Payment GST Voucher (GSTV) - U-Save Special Payment Service and Conservancy Charges Rebate (S&CC Rebate) Top-Ups to Child Development Account, EDUSAVE Account, and Postsecondary Education Account Community Development Council Vouchers Scheme) Reduction in S Pass Sub-Dependency Ratio [...]
NAVIGATION GST Rate Imposition of GST on Imported Low-Value Goods Change of Basis for Determining Zero-Rating Supply of Media Sales 1. GST RATE Currently, the GST rate remained at 7%. GST rate is planned to increase from 7% to 9% between year [...]
NAVIGATION Corporate Income Tax (CIT) Rate Extension and Enhancement of the Carry-Back Relief Scheme Extension of Option to Accelerate Eligible Claim on Cost of Plant and Machinery (P&M) Withdrawal of Accelerated Depreciation Allowances for Highly Efficient Pollution Control Equipment (ADA PCE) Scheme Extension of Option to Accelerate Eligible [...]
Barry Jay Epstein, Ph.D., CPA, Accounting Expert at Epstein + Nach LLC and Eva K. Jermakowicz, Ph.D., CPA Professor, College of Business Tennessee State University The current novel coronavirus (COVID-19) epidemic is causing huge concern and disruption throughout the world, for obvious reasons, and the [...]
On 26 May 2020, the Singapore Deputy Prime Minister and Minister for Finance, Heng Swee Keat has unveiled in Parliament, a S$33 billion 4th round of financial support (landmark package) to tide through the COVID-19 crisis as most businesses are expected only to be able to resume their operations [...]
On 6 April 2020, the Singapore Deputy Prime Minister and Minister for Finance, Heng Swee Keat unveiled in Parliament, a 3rd round of a strong enhanced support measures to help tide business, workers and households through the COVID-19 outbreak which had taken a sharp turn both globally and locally. [...]
On 26 March 2020, Deputy Prime Minister and Finance Minister Heng Swee Keat delivered the Resilience Budget for businesses and households in response to the accelerated spread of COVID-19 and is now a global pandemic. This second stimulus package provides a slew of new measures and enhancements to existing [...]
NAVIGATION EV Early Adoption Incentive For Fully Electric Cars Road Tax For Electric Cars Road Tax For Petrol-Electric Cars Road Tax For Electric Motorcycles Road Tax For Electric Light Goods Vehicles (LGVS) And Electric Goods Passenger Vehicles (GPVS) With Maximum Laden Weight Of ≤3.5 Metric Tonnes [...]
