CMS Expert Guide to the law and regulation of Covid-19 tax relief

Country-by-country comparison

Value Added Tax

  • None
  • N/A

Corporate Income Tax

  • 2 months deferral of deadline for submission of Corporate tax return for 2 months (until 31 May 2020)
  • simpler procedure when asking for deferral of tax obligations, if the taxpayer is impacted by Coronavirus regulations (e.g. mandatory closure, quarantine etc.)
  • 25% CIT rebate for year of assessment 2020, capped at S$ 15 Thousand per company.

Social Security Contributions or Payroll Tax

  • 24 months deferral of April, May and July social security contribution payments for self-employed persons,
  • partial refund of salaries for employees, who cannot work due to Coronavirus restrictions (e.g. substantial lack of business, mandatory closure, medical quarantine etc.
  • deferral of social security contributions payment in now also possible
  • N/A

Other relief measures

  • 2 months deferral of deadline for submission of annual financial statements (until 31 May 2020)
  • all tax inspections and reviews are temporarily halted
  • judicial and administrative deadlines stop running until 30 July 2020
  • 12 months loan repayment deferral for businesses subject to mandatory closure during quarantine period
  • 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

  • Additional measures are planned to be introduced by 10 April 2020.
  • The planned increase in GST rate hike (from 7% to 9%) in 2021 has been deferred but it will take place before 2025.