ASIA REGULATORY ROUND UP – SINGAPORE BUDGET SCRAPS FOREIGN WORKER TAX CONCESSIONS
February 1st, 2019
THE SINGAPORE government is to phase out between 2020 and 2024 a ‘not ordinarily resident’ tax scheme, where talented overseas workers enjoy tax concessions over five years. This includes not being taxed on work undertaken outside Singapore and an employer’s contribution to a non-mandatory overseas pensions or provident fund being tax exempt.
Meanwhile, under this year’s 2019 budget, a personal income tax rebate of 50% of tax payable (capped at SGD200 – USD147) will be granted to all tax residents for income earned in 2018. Full budget details - ...
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