On 24 March 2016, Singapore's Minister for Finance Heng Swee Keat delivered the Budget 2016 to parliament. The main tax-related changes include:
- Increasing the corporate income tax rebate from 30% to 50% for years of assessment (YA) 2016 and 2017, with a rebate cap of SGD 20,000;
- Introducing a 100% investment allowance for qualifying automation investment capped at SGD 10 million per project;
- Increasing the maximum annual relief under the M&A scheme from SGD 20 million to SGD 40 million …