Singapore Income Tax Act feedback

In a statement today, the ministry said the Income Tax Act amendments relate to 14 changes that were announced in the 2014 Budget Statement.

Citizens are invited to give feedback on the proposed amendments to the Income Tax Act starting Friday (July 4) till July 24, the Ministry of Finance said.

The changes include the extension of the Productivity and Innovation Credit (PIC) scheme for three years and the introduction of the PIC+ scheme, as well as the extension of tax deductions for research and development.

There are also some refinements to the Income Tax Act. Also, the Comptroller of Income Tax will be given additional legislative privilege to deny PIC benefits arising from abusive arrangements.

If you are in doubt, you may contact them at http://www.reach.gov.sg/ .