PwC calls for simpler tax rules in Budget 2014 wishlist

Singapore's tax policies can be simplified further, consultancy PricewaterhouseCoopers said on Friday.

It said in its wishlist for Budget 2014 that while Singapore's tax rules are "generally fairly straightforward", some of the monitoring and reporting required under those rules give rise to "disproportionately high" administrative costs compared to the benefits enjoyed.

One area that could be improved is making it easier to comply with rules and conditions for tax incentives, PwC said.

On the corporate front, it said the Government should put in place measures to encourage the exploitation of intellectual property from Singapore and not just the acquisition and protection of intellectual property.

As for individuals, PwC suggested that instead of giving people one-time tax rebates, the Government could make structural changes to tax rates for lower income earners.

"Alternatively, channelling the surplus into more GST rebates and offsets for lower earners would make the tax structure more progressive," it said.

Join ST's Telegram channel and get the latest breaking news delivered to you.