Singapore’s Budget 2024 brings significant tax changes aimed at supporting businesses, enhancing competitiveness, and ensuring alignment with international standards. Here’s a comprehensive overview of the key tax changes affecting businesses:
1. Corporate Income Tax (CIT) Rebate
To alleviate the burden of rising costs, a CIT Rebate of 50% of tax payable will be granted for the Year of Assessment (YA) 2024. Eligible companies, meeting the “local employee condition,” will receive a minimum benefit of $2,000 as a CIT Rebate Cash Grant. This rebate will automatically be incorporated into companies’ tax assessments.
2. Enhanced Tax Deduction for Renovation or Refurbishment (R&R) Expenditure
From YA 2025, enhancements will include expanding the scope of qualifying expenditure to cover designer or professional fees, fixing a relevant three-year period for computing R&R expenditure caps, and allowing an option to claim deductions in one YA.
3. Refundable Investment Credit (RIC)
Introducing RIC to support up to 50% of qualifying expenditures, which can be offset against CIT payable. Unutilized tax credits will be refunded to the company within four years.
4. Implementation of Income Inclusion Rule (IIR) and Domestic Top-up Tax (DTT)
Under the BEPS 2.0 initiative, Singapore will impose a minimum effective tax rate of 15% on profits of multinational enterprise (MNE) groups starting from financial years commencing on or after January 1, 2025.
5. Extension and Revision of Tax Incentive Schemes for Qualifying Funds
Tax incentive schemes for funds managed by Singapore-based managers will be extended and revised.
6. Alternative Basis of Tax for Shipping Entities
Qualifying shipping entities can opt for an alternative basis of tax where qualifying income is taxed based on net tonnage, aligning with international practices.
7. Additional Concessionary Tax Rates (CTR) for Various Incentive Schemes
Additional CTR tiers of 10% and 15% will be introduced for the Fixed Trading Companies (FTC), Approved Aircraft Lessors (ALS), Development and Expansion Incentive (DEI), and Investment Development Incentive (IDI), and Global Trader Programme (GTP).
8. Revisions to Additional Buyer’s Stamp Duty (ABSD) Remission Clawback Rates
To facilitate prompt housing supply release while providing flexibility for housing developers, ABSD remission clawback rates will be adjusted for projects meeting certain criteria.
These changes reflect Singapore’s commitment to fostering a conducive business environment, promoting investment, and staying competitive on the global stage. Businesses should stay informed about these updates to leverage the opportunities and navigate the evolving tax landscape effectively. Further details on these changes will be provided by the relevant authorities in due course.
新加坡 2024 年预算带来了重大的税收变化，旨在支持企业、增强竞争力，并确保与国际标准保持一致。以下是对影响企业的关键税收变化的全面概述：
1. 公司所得税（CIT）折扣
为了减轻不断上涨成本的负担，将为 2024 年度评估年度（YA）提供公司所得税折扣，折扣率为应纳税额的 50%。符合“本地雇员条件”的合格公司将获得至少 2000 新元的最低福利，作为公司所得税折扣现金补助金。这一折扣将自动纳入公司的税收评估中。
2. 加强翻新或翻修（R&R）支出的税收减免
从 2025 年开始，改进将包括扩大符合条件的支出范围，包括设计师或专业费用，为计算 R&R 支出上限固定一个相关的三年期，并允许选择在一个 YA 中申请减免。
3. 可退还投资税收抵免（RIC）
引入 RIC 以支持高达符合条件支出的 50% 的抵免，可用于抵消应纳公司所得税。未使用的税收抵免将在四年内退还给公司。
4. 实施收入包含规则（IIR）和国内补缴税（DTT）
根据 BEPS 2.0 倡议，新加坡将在从 2025 年 1 月 1 日开始的财政年度对跨国企业（MNE）集团的利润征收 15% 的最低有效税率。
5. 延长和修订适格基金税收优惠计划
将延长和修订由新加坡管理的基金管理人管理的基金的税收优惠计划。
6. 航运实体的替代税收基础
符合条件的航运实体可以选择按船舶净吨位征税的替代税收基础，与国际惯例保持一致。
7. 各种激励计划的额外优惠税率（CTR）
将为固定交易公司（FTC）、批准的飞机租赁商（ALS）、开发和扩张激励计划（DEI）、投资发展激励计划（IDI）和全球交易员计划（GTP）引入额外的 CTR 层，分别为 10% 和 15%。
8. 调整附加买方印花税（ABSD）减免收回率
为了促进及时释放住房供应并为房地产开发商提供灵活性，将调整符合某些标准的项目的 ABSD 减免收回率。
这些变化反映了新加坡致力于营造良好的商业环境、促进投资并在国际舞台上保持竞争力的承诺。企业应及时了解这些更新，以充分利用机会并有效应对不断变化的税收环境。有关这些变化的进一步详情将由相关机构及时提供。
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