Budget 2023 Update – Enterprise Innovation Scheme The Enterprise Innovation Scheme (“EIS” or “Scheme”) was announced earlier this year in Budget 2023 and detailed guidelines on the Scheme was released by the Inland Revenue Authority of Singapore (“IRAS”) on 30 June 2023. Under the EIS, enhanced tax deductions and allowances will be granted for qualifying
More stringent criteria for Section 13O and 13U schemes wef 18 April 2022
The family office schemes are administered by the Monetary Authority of Singapore (MAS) which has announced more stringent criteria for the family office incentive schemes. These new requirements for new applications under section 13O (previously section 13R) and section 13U (previously section 13X) will be effective from 18 April 2022 onwards. The updated criteria relate
Tax Changes Arising from Budget 2022
There were significant changes in various taxes arising from the 2022 Budget announced by the Minister for Finance on 18 February 2022. The key changes include increases in Goods and Services Tax (GST) rates, individual income tax rates for higher income brackets and property taxes on residential properties. These changes will affect a number of
