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BUDGET 2019

 

BUDGET 2019 TAX CHANGES

 

Corporate Income Tax

• Extend the Writing Down Allowance under Section 19B for qualifying capital expenditure incurred in acquiring qualifying Intellectual Property Rights on or before the last day of the basis period for Year of Assessment (YA) 2025.

• Extend the 100% Investment Allowance under the Automation Support Package, for projects approved by Enterprise Singapore from 1 April 2019 to 31 March 2021.

 

Personal Income Tax

• Personal income tax rebate of 50% of tax payable (capped at $200) for all tax resident individuals for YA 2019 (i.e. for income earned in the year 2018).

• Tax resident working mothers will be allowed to claim Grandparent Caregiver Relief, subject to conditions, in respect of a handicapped and unmarried dependent child, regardless of the child’s age with effect from YA 2020.

• The Not Ordinarily Resident (NOR) scheme will lapse after YA 2020. The last such NOR status will be granted for YA 2020 and will expire in YA 2024.


Goods and Services Tax (GST)

• With effect from 19 February 2019, the GST import relief for value of goods bought overseas is reduced as follows:

 

Time spent outside Singapore

Value of goods granted GST relief

48 hours and above

$500 (current $600)

Less than 48 hours

$100 (current $150)

 

含量

 

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