Singapore

The 2024 Budget was announced on 16 February 2024. Individual tax changes proposed include:

• 50% personal income tax rebate for resident individuals, capped at SGD 200, for income year 2023 (year of assessment 2024).
• Progressive withdrawal of the tax concessions for royalty income derived by authors, composers, and choreographers.
• Increase in the annual income threshold for dependant-related reliefs from SGD 4,000 to SGD 8,000, with effect from the year of assessment 2025.
• Withdrawal of course fees relief from year of assessment 2026.
• Withdrawal of CPF Cash Top-Up Relief for CPF top-ups that attract matching grants under the Matched Retirement Savings Scheme from year of assessment 2026.

Other tax changes include:

• New Additional Buyer’s Stamp Duty concession for single seniors who are Singapore citizens.
• Revision to the Annual Value bands for owner-occupied residential property tax rates from 1 January 2025.

For details of the 2024 Budget proposals, refer to our 2024 Budget Commentary at www.pwc.com/sg/en/publications/singapore-budget/commentary.html