Feedback sought on Income Tax (Amendment) Bill

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The Ministry of Finance will be conducting a public consultation on the draft Income Tax (Amendment) Bill 2012. The public consultation will run from July 24 to Aug 13.

The proposed amendments to the Income Tax Act principally relate to the changes announced in the 2012 Budget Statement.

Some of the changes include the provision of a one-off SME cash grant capped at S$5,000 to help companies offset higher business costs; and enhancements to the Earned Income Relief of up to S$8,000 for the elderly and S$12,000 for handicapped persons so as to encourage them to stay employed.

The Income Tax (Amendment) Bill 2012 also provides for refinements to existing tax policies and tax administration arising from on-going reviews of Singapore's income tax system.

One of the refinements is the enhancement to CPF Minimum Sum Topping-Up Scheme.

Deduction will be allowed on cash top-ups made under Minimum Sum Topping-Up accounts of parents-in-law and grandparents-in-law.

For more information on the draft Income Tax (Amendment) Bill 2012, you can visit the Ministry of Finance's website and the REACH consultation portal. Respondents may send their comments to the Ministry of Finance directly via the website, email, fax or post.