The draft Income Tax (Amendment) Bill 2021 was published on 11 June 2021 for public consultation. It proposed a number of legislative amendments to the Income Tax Act, reflecting the measures announced in Budget 2021 as well as proposals on the appropriation of trading stock, the use of open-market price for certain capital allowance claims, deductions for certain expenses related to leases of immovable property, as well as amendments to the existing foreign tax credit provisions.
For details of the proposed changes, refer to our Tax Bulletin at https://www.pwc.com/sg/en/tax/assets/bulletin/20210718.pdf
Details of COVID-19 relief measures are available at www.pwc.com/gx/en/services/tax/navigate-the-tax-measures-in-response-to-Covid-19.html.
For details of the 2021 Budget proposals, refer to our 2021 Budget Commentary at www.pwc.com/sg/en/budget-2021.html#commentary.