Tuesday, July 24, 2012

Feedback sought on Income Tax (Amendment) Bill

SINGAPORE: The Ministry of Finance will be conducting a public consultation on the draft Income Tax (Amendment) Bill 2012. The public consultation will run from 24 July to 13 August.
The proposed amendments to the Income Tax Act principally relate to the changes announced in the 2012 Budget Statement.

Some of the changes include the:
- Provision of one-off SME cash grant capped at S$5,000 to help companies offset higher business costs; and
- Enhancements to the Earned Income Relief of up to S$8,000 and S$12,000 for the elderly and handicapped persons respectively so as to encourage them to stay employed.
The Income Tax (Amendment) Bill 2012 also provides for refinements to existing tax policies and tax administration arising from on-going reviews of Singapore's income tax system.

One of the refinements is the enhancement to CPF Minimum Sum Topping-Up Scheme.
Deduction will be allowed on cash top-ups made under Minimum Sum Topping-Up accounts of parents-in-law and grandparents-in-law.
For more information on the draft Income Tax (Amendment) Bill 2012, you can visit the Ministry of Finance's

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