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Follow on Google News | Singapore Budget 2009 Announces New Tax Benefits for Businesses ...Singapore revealed its Budget Speech for the Financial Year 2009 which was delivered in Parliament on 22, Jan 2009. Its Key Budget Initiatives were to safeguard Jobs for Singaporeans, Stimulate Bank Lending and Enhancing Business Cash flow.
By: Satish Bakhda Individuals Tax Changes Personal Income Tax Rebate for Resident Individuals All resident individual taxpayers will be given a one-off income tax rebate of 20%, up to a cap of $2,000, for the tax payable for Year of Assessment (YA) 2009. Tax Exemption of Foreign - Sourced Income Received in Singapore Enhancement of tax deduction on donation Property Tax Changes 40% Property Tax Rebate for Owner-Occupied Residential Properties 40% Property Tax Rebate for Commercial and Industrial Properties Property Tax Deferral for Land Approved For Development for Businesses Deferment of Increase in Assessment Rate for Hotel Rooms Tax exemption will be granted to all foreign-sourced income earned/ accrued outside Singapore on or before 21 Jan 2009 to resident non-individuals and resident partners of partnerships in Singapore and received in Singapore during the period from 22 Jan 2009 to 21 Jan 2010. Businesses Tax Changes Jobs Credit Corporate income tax rate cut Corporate income tax rate will be reduced from 18% to 17% to help maintain Singapore's competitiveness. The rate cut will take effect from Enhancement of Carry-Back Relief for YA 2009 and YA 2010 Unutilised trade losses and capital allowance for YA 2009 and YA2010 can be carried back to set off against Assessable Income of 3 immediately preceding YAs up to a limit of $200,000. Enhancement of Tax Deduction for Capital Expenditure Incurred on Renovation or Refurbishment Works Businesses that incur qualifying Renovation & Refurbishment expenses in the basis periods for YA 2010 and YA 2011 can deduct such expenses in one year instead of over three years, subject to the cap of $150,000 for each relevant three-year period. Extension of the Tax Exemption Scheme for New Start-up Companies to Companies limited by Guarantee Tax Framework for facilitation Corporate Amalgamations A new tax framework for qualifying amalgamations will be introduced. Enhancement of Capital Allowance Granted In Respect of Plant or Machinery Acquired for YA2010 and 2011 Accelerated write-down of capital allowance (CA) will be allowed on plant and machinery acquired in the basis periods for YA 2010 and YA 2011. CA is computed based on 75% of the capital expenditure for the first YA and 25% of the capital expenditure for the second YA. Accelerated Writing - Down Allowance for Acquisition of Intellectual Property for Media & Digital Entertainment Content Extension and Enhancement of Withholding Tax Exemption for Maritime Industry Enhancement of Fund Management Incentive Scheme Enhancement of the List of Specified Income and Designated Investment for Certain Tax Incentive Schemes Review and Enhancement to Current FSI-HQ Scheme Extension and Enhancement for the Commodity Derivatives Trading(CDT) Extension of Tax Deduction for Provisions Made under MAS Notices Tax Exemption of Foreign - Sourced Income Received in Singapore Enhancement of tax deduction on donation Ms. Ragini Dhanvantray CEO of Rikvin Consultancy offering a comprehensive Singapore Company Incorporation and Business Migration service for investors and entrepreneurs says “Singapore is emerging as the hub of Asia for almost all industry, offers the best quality of life and a safe option for investing during this downtimes. Clients who wish to make Singapore a place to live & do business, can call to 65-64388887 or visit the website http://www.rikvin.com for more information For more information on Singapore Budget 2009, please click the following links: http://www.rikvin.com/ # # # Singapore Company Registration Clients who wish to make Singapore a place to live & do business, can call to 65-64388887 or visit the website http://www.rikvin.com for more information End
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