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Public feedback sought for tax changes including PIC scheme tweaks

Published on Jul 4, 2014 1:42 PM
 
The Ministry of Finance is seeking public feedback on some proposed changes to the Income Tax Act. -- ST PHOTO: LIM YAOHUI

SINGAPORE - The Ministry of Finance is seeking public feedback on some proposed changes to the Income Tax Act.

The suggested amendments relate mainly to announcements made in the Government's Budget statement earlier this year, which include extending the Productivity and Innovation Credit (PIC) scheme by three years to 2018, the introduction of the PIC+ scheme and extending research & development tax measures.

The PIC scheme gives companies tax deductions for making investments that boost their productivity, while PIC+ raises the expenditure cap for tax deduction from $400,000 to $600,000 per qualifying activity per year.

The changes to the Act also include some refinements to existing tax policies and tax administration, arising from ongoing reviews of Singapore's income tax system, the MOF said.

 
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