Income Tax (Amendment) Bill 2018
The Income Tax (Amendment) Bill 2018 (the Bill) was passed in Parliament on 2 October 2018.
The Bill mainly contains tax changes announced in the 2018 Budget Statement, such as enhancement of the tax deduction for costs on intellectual property (IP) licensing. In addition, it introduces a number of measures which arose from the on-going review of Singapore’s income tax system. These include enhancements to the Inland Revenue Authority of Singapore’s powers which are intended to strengthen a whole-of-government approach to law enforcement, clarification of the tax treatment for leases arising from the adoption of Financial Reporting Standard 116 Leases and the introduction of secondary mechanism for Country-by-Country Reporting. Lastly the Bill proposes legislation relating to changes that were first announced in the 2017 Budget, such as the IP Development Incentive and a transitional measure for existing recipients of the Aircraft Leasing Scheme.
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