40% of tax payable capped at S$15,000 for YA2018
20% of tax payable capped at S$10,000 for YA2019
Start-Up Tax Exemption (SUTE) Scheme – any of the first 3 YAs fall in or after YA2020
75% of tax exemption on the first S$100,000 of normal chargeable income
50% of tax exemption on the next S$100,000 of normal chargeable income
Partial Tax Exemption – effective from YA2020 onwards
75% of tax exemption on the first S$10,000 of normal chargeable income
50% of tax exemption on the next S$190,000 of normal chargeable income
Donations
250% of tax deduction for approved qualifying donations will be extended to 31 December 2021
---
In addition to the above mentioned selected tax changes, below are other measures highlighted during in the budget as well.
Productivity Solutions Grant (PSG)
Up to 70% of funding support on qualifying costs for adoption of pre-scoped productivity equipment and IT solutions
Enterprise Development Grant (EDG)
Up to 70% of funding support on qualifying costs for activities such as product development and innovation, as well as internationalization
Partnerships for Capabilities Transformation (PACT)
Up to 70% of funding support on qualifying costs to support collaboration between firms of all sizes, including capability building, co-innovation and accessing overseas opportunities
The above mentioned list if non-exhaustive. If you feel that we have missed out any of the budget measures that will have a significant impact on your business, do let us know at info@icononline.net or on our Facebook. Alternatively you may refer to the Budget 2018 website.