On 4 July 2014, the Ministry of Finance (MOF) issued the draft Income Tax (Amendment) Bill 2014 (the draft Bill) for public consultation.
The draft Bill mainly contains tax changes proposed at the 2014 Budget. In addition, a number of non-Budget changes to existing tax policies and administration have been proposed. These arose from the on-going review of Singapore’s income tax system.
The consultation exercise ended on 24 July 2014, and as always, PwC has provided our feedback to the MOF. In this newsletter, we share our thoughts on some of these proposed changes.