Singapore

Individual - Significant developments

Last reviewed - 07 February 2020

The 2019 Budget changes have been legislated. Individual tax changes include the following:

  • Personal income tax (PIT) rebate of 50% of tax payable by tax resident individuals for year of assessment 2019 (income year 2018), subject to a cap of 200 Singapore dollars (SGD).
  • Removal of the child’s age limit for Grandparent Caregiver Relief for dependent children who are handicapped and unmarried, with effect from year of assessment 2020.
  • Lapse of the Not Ordinarily Resident (NOR) scheme after year of assessment 2020.
  • Removal of the sunset clause for the tax exemption on distributions received by individuals from Singapore-listed real estate investment trusts (S-REITs) and REIT-exchange traded funds (REIT-ETFs).

Other Budget changes include the following:

  • Reduction in the goods and services tax (GST) import relief for value of goods bought overseas.

For details of the 2019 Budget proposals, refer to our 2019 Budget Commentary at https://www.pwc.com/sg/en/publications/budget-commentary.html