VAT & indirect tax
VAT and indirect taxes need careful planning as they make up an ever-larger part of the tax take
Public consultation on the draft Income Tax (Amendment) Bill 2021
The Ministry of Finance has published the draft Income Tax (Amendment) Bill 2021 (the draft Bill) for public consultation. The draft Bill incorporates proposed legislative amendments to the Income Tax Act to effect tax measures announced in the 2021 Budget Statement and changes arising from the periodic review of the tax system.
Budget amendments include extending the carry-back relief scheme to allow qualifying deductions to be carried back up to three (instead of one) immediate preceding Years of Assessment (“YA”) to YA 2021 and enhancing the Double Tax Deduction for Internationalisation scheme to allow more activities to qualify for 200% tax deduction without prior approval from Enterprise Singapore or the Singapore Tourism Board.
Non-Budget amendments proposed include legislative provisions for the tax treatment of trading stock that is appropriated for non-trade or capital purposes and vice versa, and to allow IRAS to extend access of legislatively protected data to authorised persons, including non-public servants such as private sector auditors, to perform the necessary audits.
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