Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 2/26/2013

Singapore - Budget 2013 and tax proposals 

February 26: Singapore’s Deputy Prime Minister and Minister for Finance deliver his Budget Statement in Parliament on Monday, 25 February 2013.

Among the tax provisions are:


  • A 30% corporate income tax rebate for years of assessment (YAs) 2013- 2015; a 30% individual income tax rebate for individuals (50% if the individuals are age 60 years or older) but subject to a rebate cap amount
  • Enhanced tax incentives for intellectual property (IP) investments and financial service sectors
  • Provisions restricting investment holding and property development companies from the “start-up company” incentive regime
  • Extension and enhancements of the qualifying debt securities incentive regimes
  • Enhanced tax exemption for underwriting of offshore specialized insurance risks and extension of tax regime for offshore insurance brokerage business
  • Extension of tax exemption on income of primary dealer from trading in Singapore government securities
  • Extension of approved special purpose vehicle measures
  • Tax deduction on up-front land premium for industrial-use land
  • Tax deduction for relocating and recruitment of foreign “talent”
  • Tax exemption for family-owned investment holding companies
  • Tax exemption for qualifying income from approved overseas investments or projects
  • Tax concessions for qualifying income from e-commerce transactions
  • Maritime tax incentives extended from 30 years to 40 years
  • A progressive property tax structure for residential property
  • Expansion of goods and services tax (GST) vouchers
  • Increased rates of excise tax on tobacco

Read a February 2013 report prepared by the KPMG member firm in Singapore: Singapore Budget 2013

Read more February 2013 reports on the budget, prepared by the KPMG member firm in Singapore.


Read the government’s budget website.




©2013 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now

Contact us