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Singapore Announces Further Coronavirus Tax Easements

March 26, 2020, 11:59 AM

Singapore unveiled a supplemental budget worth more than S$48 billion ($33 billion) that includes an extension of the deadline for income tax payments and an increase in tax rebates.

Deputy Prime Minister Heng Swee Keat presented the additional S$48 billion “Resilience Budget” at the Parliament on Thursday.

  • The plan extends the deadline for income tax payments for the self-employed and companies by three months. No application for the extension is required—it will take effect automatically.
  • Property tax rebates will be increased to 30%, from the 15% announced in February, for commercial properties affected by the Covid-19 pandemic, such as hotels, service apartments, tourist attractions, shops, and restaurants.
  • Businesses in nonresidential properties like offices and industrial facilities will now be able to claim the rebate for 2020, too.
  • Singapore will freeze all government fees and charges from April 1, 2020, to March 31, 2021.

To contact the reporter on this story: Kazuhiko Shimizu in Bangkok at correspondents@bloomberglaw.com
To contact the editors responsible for this story: Meg Shreve at mshreve@bloombergtax.com; Joe Stanley-Smith at jstanleysmith@bloombergtax.com

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