Budget Commentary 2014 - Singapore

New Directions: Inflections and Reflections

This commentary provides our Budget analysis on certain tax proposals, including:

Corporate tax

  • Budget perspectives – foreign multinational corporations
  • PIC scheme
  • R&D
  • Writing down allowance
  • Deduction for IP registration costs
  • IP box regime?
  • Land Intensification Allowance
  • Waiving withholding tax for payments made to branches in Singapore
  • Investment allowance scheme for aircraft rotables

Financial services

  • Capital instruments issued by Singapore – incorporated banks
  • Fund management industry
  • Listed infrastructure registered business trusts

Personal tax and CPF

  • CPF changes
  • Medisave for self-employed persons
  • Dependant relief
  • Sharing of relief between married couples
  • What more could have been done?

Others

  • Information and Communication Technology for Productivity and Growth programme
  • Enterprise financing schemes
  • Stamp duties
  • Property tax
  • Vehicle tax
  • Duties on betting, tobacco and liquor products

Looking back – 2013

2013 in snapshot

Appendices

  • A. Comparison of Asia-Pacific effective tax rates on repatriated corporate profits
  • B. Comparison of Asia-Pacific individual tax liabilities
  • C. Resident individual tax rates