Singapore: New budget may have significant effect on businesses that employ foreign nationals

Global Watch ()

The Singapore Budget was announced on February 25, 2013. There were some important changes in the personal tax area, particularly on the taxation of employer-provided accommodation, and the abolition of tax concessions for qualifying employee stock plans, which will be of relevance to many employers. Companies may also be affected by expiry of additional tax deductions for recruitment and relocation of overseas talent, and tightening of immigration processes for foreign manpower.