Singapore Parliament Considers Bill to Amend Income Tax Measures Under 2019 Budget

The Singaporean Parliament Sept. 2 accepted for consideration a bill to amend income tax provisions under the 2019 budget. The bill includes measures to: 1) phase out the Not Ordinarily Resident (NOR) regime between assessment years 2020 and 2024; 2) implement an individual income tax rebate of 50 percent capped at S$200 (US$144) for residents paying taxes in assessment year 2019 for income earned in 2018; 3) extend the 10 percent tax rate for specified distributions from a real estate investment trust (REIT) until Dec. 31, 2025; 4) extend tax incentives for funds managed by resident fund managers to Dec. ...