For individuals:
- One-off Personal Income Tax Rebate for Resident Individual Taxpayers
- Changes to Personal Income Tax Rate Structure for Resident Individual Taxpayers
- Tax Deduction of 2.5 times the Amount of Donation
- Tax Exemption on Alimony and Maintenance Payments
- Supplementary Retirement Scheme (SRS) – Increase in contribution cap
- Higher Central Provident Fund (CPF) Employer’s Contribution Rate and Salary Ceiling
- Tax benefits for third party contributors of the Voluntary Cash Contributions to Medisave Account
For businesses:
- One-off Corporate Income Tax (CIT) Rebate or SME Cash Grant
- Enhancement of the Productivity and Innovation Credit (PIC) Scheme
- Foreign Tax Credit (FTC) Pooling system
- Streamlining of the section 14B and section 14K Tax Deduction Schemes
- Enhancement of the concession for enterprise development – enhancing the claim of pre-commencement expenses
- Facilitate Employee Equity-Based Remuneration (EEBR) schemes by extending tax deduction to cover cost of parent company’s shares acquired through a Special Purpose Vehicle (SPV) set up to administer EEBR scheme
- Renewal of Tax Exemption Scheme for Income Derived from Structured Products
- Tax Benefits for Voluntary CPF Medisave Contributions by Eligible Companies to Self-employed Persons (SEPs)
- Enhancement to deductions on donations
For more information, please refer here.