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Singapore Budget 2018 in Numbers

14/3/2018

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Singapore Budget 2018 was said to be visionary and forward looking with an eye for the long run. It is about laying the foundation for Singapore’s development in the next decade, helping businesses to transform thus ensuring that Singapore companies remain competitive. Here is how Singapore Budget 2018 affects your business.
Corporate Income Tax (CIT) Rebate
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

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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.

If you are considering to set up your business in Singapore.
It is fairly simple, start your journey 
here with us at Inter Group.

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