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Budget 2013: Income tax rebates for both individuals and companies

Published on Feb 25, 2013 5:18 PM
 
This year's Budget will offer tax rebates to both individuals and companies. --ST FILE PHOTO: MALCOLM MCLEOD

This year's Singapore Budget 2013 will offer tax rebates to both individuals and companies.

To relieve business costs, there will be a 30 per cent corporate income tax rebate in Singapore Budget 2013, capped at $30,000 per Year of Assessment, will be granted to companies for three years, from YA 2013 to YA 2015.

Minister of Finance Tharman Shanmugaratnam announced this on Monday in his Singapore Budget 2013 speech on Monday.

A 30 per cent road tax rebate will also be granted for goods vehicles, including goods-cum-passenger vehicles, buses and taxis for one year.

Meanwhile, a personal income tax rebate will be granted to all resident individual taxpayers for YA 2013.

Resident individual taxpayers aged below 60 years as at Dec 31, 2012 will receive a 30 per cent rebate, capped at $1,500 per taxpayer.

Resident individual taxpayers aged 60 and above as at Dec 31, 2012 will get a 50 per cent rebate, capped at $1,500 per taxpayer.

"Having this cap allows us to provide the greatest benefits to those at the 80th percentile and below of taxpayers," Mr Tharman said.

Some 1.3 million resident taxpayers will benefit from these rebates, he said, which will cost the Government $615 million.

For more news and analysis on Singapore Budget 2013, click here for ST's Big Story coverage.