The Inland Revenue Authority of Singapore (IRAS) has published an overview of tax changes in the Budget for the Financial Year 2024, which was delivered on 16 February 2024 by Minister for Finance, Lawrence Wong. The main changes for businesses are summarized as follows:
Corporate Income Tax (CIT) Rebate for the Year of Assessment (YA) 2024, with a CIT Rebate Cash Grant for eligible companies
A CIT Rebate of 50% of tax payable will be granted for YA 2024. Companies that have employed at l…