Individual - Significant developments

Last reviewed - 21 January 2021

The significant tax savings enjoyed by individual taxpayers from the tax deduction available for investments in long-term equity funds has been withdrawn.  With effect from 1 January 2020, it was replaced by an alternative tax deduction option which is an investment in a super savings fund. This change has the aim of promoting long-term savings for retirement. Furthermore, the taxpayer's health insurance deduction has been increased to alleviate the burden of bearing medical costs.