Law and regulation of Covid-19 tax relief in Singapore

Information provided by the IBA Taxes Committee members.

Value Added Tax

  • N/A

Corporate Income Tax

  • 25% CIT rebate for year of assessment 2020, capped at S$ 15 Thousand per company.

Social Security Contributions or Payroll Tax

  • N/A

Other relief measures

  • Investments in plant and machinery, renovation and refurbishment will be granted accelerated write down and capital allowances for FY 2020.
  • Property tax rebate of 30% will be granted for the hotels and conventions and exhibitions industries. Cruise and ferry terminals will be granted a 15% property tax rebate and the two casinos will receive a property tax rebate of 10%.

Additional comments

  • The planned increase in GST rate hike (from 7% to 9%) in 2021 has been deferred but it will take place before 2025.