Singapore: Tax measures in budget 2020

Singapore: Tax measures in budget 2020

Singapore’s budget for 2020 reveals that a planned increase in the rate of the goods and services tax (GST) to 9% would not take place in 2021.

1000

Related content

The GST rate increase was announced in the budget 2018, to offset an assurance package, with the rate increase (a 2% increase) scheduled by 2025.

Other measures in the budget 2020 concern:

  • Structured commodity financing activities and expansion of the tax concessions under the global trader programme, including a 5% concessionary tax rate on transactions involving liquefied natural gas (LNG)
  • No tax deduction or allowances for recipients of capital grants from the government or statutory boards on the portion of the expenditure funded by grants
  • Streamlining of the number of years of the useful life of plants machinery with regard to capital allowance claims
  • Extension of insurance business development and captive insurance schemes until 31 December 2025
  • Additional tax deduction for research and development (R&D) expenditures


Read a February 2020 report [PDF 3.6 MB] about the budget 2020, prepared by the KPMG member firm in Singapore

Read tax fact sheets [PDF 1.26 MB] that set forth tax rates, deductible amounts, and other tax-related provisions (prepared by KPMG in Singapore)

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal