On 24 September 2014, the Singapore Ministry of Finance published the results of the public consultation on the Income Tax (Amendment) Bill 2014. Of the 102 suggestions received, 32 were accepted and will be implemented into the final legislation.
The main changes of the legislation include:
- Extension of the Productivity and Innovation Credit (PIC) scheme until year of assessment 2018
- The introduction of the PIC+ Scheme, under which qualifying SMEs can claim 400% tax deduction for up to $60…