Singapore Tax Agency Announces Tax Measures on Corporate Income Tax Rate, Rebates, Tax Exemption Regimes

The Singaporean Inland Revenue Authority July 24 announced various tax measures on the corporate income tax (CIT) rate, rebates, and tax exemption regimes. The announcement includes measures to: 1) clarify that the CIT rate is 17 percent, applicable to both resident and nonresident companies; 2) specify that a CIT rebate of 50 percent of the tax payable will be granted to all taxpaying companies, irrespective of their tax residency status, for the 2024 assessment year; 3) specify that companies that have employed one or more local employees in 2023 will receive S$2,000 (US$1,490) in cash payout; 4) establish a limit ...