33.4 C
Singapore
Friday, October 22, 2021
Home Business Budget 2021 and Its Effects on Singapore's Tax System

Budget 2021 and Its Effects on Singapore’s Tax System

Singapore Deputy Prime Minister and Finance Minister Heng Swee Keat proposes a drawdown of up to S$11 billion for a second consecutive financial year. 

Compared to the S$42.7 billion in the previous year, the quantum involved for budget 2021 is notably lower. However, the total drawdown amounting to S$53.7 billion still equates to a few decades’ worth of budget surpluses. 

Fortunately, taxpayers can benefit from these changes. Apart from tax rate increase on petrol, tax rates on corporate, individual income and curbs on property purchases remain the same. 

Full details on: https://www.channelnewsasia.com/news/commentary/budget-2021-singapore-tax-income-business-gst-hike-beps-14217994

Most Popular

Entrepreneur Talk – Mr. Clarence Khoh

Passion, Perseverance and Dedication - These are the top three skills Mr. Clarence Khoh of Talent-Merge Pte Ltd believes one should possess to achieve...

List of 15 NFT Use Cases That Could Go Mainstream

Non-fungible tokens or simply NFTs are here and they have gone mainstream at full speed. Just only a year ago, NFTS specifically art and...

Multimedia Messaging Service (MMS) to End After Mid-November

Multimedia messaging service (MMS) will no longer be offered by telcos in Singapore after the middle of November of this year. When this happens, ...

Singapore Deploys Robots to Deter Poor Social Behaviour

Singapore has started rolling out robots to patrol public areas with high foot traffic and deter undesirable social behaviours. For a three-week trial period...