Budget 2023: A Simplified Guide to the Latest Tax Changes for Businesses"
Budget 2023 is just announced. Here are the changes announced that will affect businesses.
Implement the Global Anti-Base Erosion (GloBE) Rules (i.e., Income Inclusion Rule and Undertaxed Profits Rule) and Domestic Top-up Tax (DTT)
Introduce the Enterprise Innovation Scheme (EIS)
Enhance the Double Tax Deduction for Internationalisation (DTDi) Scheme
Provide an Option to Accelerate the Write-off of the Cost of Acquiring Plant and Machinery (P&M)
Provide an Option to Accelerate the Deduction for Renovation or Refurbishment (R&R) Expenditure
Extend the Investment Allowance (IA) Scheme
Extend the IA-100% Scheme for Automation Projects
Extend the Pioneer Certificate Incentive (PC) and Development and Expansion Incentive (DEI)
Extend the IP Development Incentive (IDI)
The IDI (Intellectual Property Development Incentive) scheme will be extended until 31 December 2028.
Extend and Refine the Qualifying Debt Securities (QDS) Scheme
Extend the Tax Exemption on Income Derived by Primary Dealers from Trading in Singapore Government Securities (SGS)
Extend and Refine the Tax Incentive Scheme for Approved Special Purpose Vehicle (ASPV) Engaged in Asset Securitisation Transactions (ASPV scheme) and Introduce a New Sub-scheme to Support Covered Bonds
Extend and Refine the Financial Sector Incentive (FSI) Scheme
Extend the Insurance Business Development – Insurance Broking Business (IBD-IBB) Scheme
Extend the Tax Concession for Deduction of General Provisions for Doubtful Debts and Regulatory Loss Allowances Made in Respect of Noncredit-impaired Financial Instruments for Banks (Including Merchant Banks) and Qualifying Finance Companies
Extend Three Tax Measures Relating to Submarine Cable Systems
Withdraw the Tax Deduction for Expenditure Incurred on Building Modifications for Benefit of Disabled Employees
Extend the 250% Tax Deduction for Qualifying Donations to IPCs and Eligible Institutions
Business & IPC Partnership Scheme
Extend and Enhance the Corporate Volunteer Scheme (CVS)
Philanthropy Tax Incentive Scheme for Family Offices