Singapore Presents Amendments to Income Tax Bill

The Ministry of Finance (MOF) is still seeking feedback on the draft Income Tax (Amendment) Bill of 2012. The ongoing public consultation is set to close on August 13, 2012.

The proposed amendments to the Income Tax Act mainly revolve the 2012 Budget Statement recommendations. Salient components include, among others:

1. Providing a one-off cash grant to small and medium enterprises (SMEs) capped at S$5,000 to help them cope with inflation and escalating business costs;

2. Enhancing the PIC (Productivity and Innovation Credit) Scheme, such as providing faster access to more investment cash upfront, and relaxing the PIC Scheme?s qualifying conditions; and

3. Increasing Earned Income Reliefs to up to S$8,000 for the elderly and up to S$12,000 for handicapped individuals so as to encourage them to stay employed.

Furthermore, the 2012 Income Tax (Amendment) Bill sets forth various changes to existing Singapore tax policies after a review of the republic?s prevailing tax system. Some of the changes considered include the realignment of new accounting standards for small businesses, as well as revisions to the CPF-Minimum Sum Topping-Up scheme to benefit parents-in-law and grandparents-in-law.

Mr James Nuben, Head of Tax Division at Asiabiz Services, a Singapore company incorporation consultancy, expressed enthusiasm over the proposed amendments.

?These changes are an essential step to sustaining economic growth,? Mr. Nuben said. ?The timing is impeccable. Amid a slightly weakened GDP, we need to boost productivity and boost Singapore?s reputation as an ideal business location.?

Detailed consultation documents are available in the Ministry of Finance?s website, www.mof.gov.sg, as well as in the REACH consultation portal, www.reach.gov.sg. Respondents may send their comments to the MOF via the website, email, fax, or post.

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Source: http://www.asiabizservices.com/singapore-presents-amendments-to-income-tax-bill

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