Taxation in Singapore 2026/2027 Edition
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2. Concept of Income
3. Tax Deductions
4. Capital Allowances
5. Taxation of Companies
6. Taxation of Individuals
7. Taxation of Partnerships
8. Taxation of Non-residents
9. Taxation of Foreign Income
10. Goods and Services Tax
11. Stamp Duty
Extracts of Income Tax Act
The current law governing income tax in Singapore is the Income Tax Act 1947 (2020 Revised Edition) which came into operation on 31 December 2021. This Act has undergone major re-numbering which took effect from 31 December 2021 and the new provisions, similar to the previous two recent editions, are also reflected in the current 2026/2027 edition of this book.
The tax landscape in the Singapore local scene continues to evolve in the last two years since the last edition, While the tax rates for the various Singapore taxes remain unchanged, it was a pleasant surprise for corporate income taxpayers when the Minister announced separately in the recent two Budgets that the generous 50% corporate income tax rebate that was initially introduced in the Year of Assessment (YA) 2024 would be repeated for YA 2025 and YA 2026. As before, the rebate includes a cash grant of $2,000 and an overall benefit cap of $40,000. Meanwhile, we learned from Budget 2026 that there will now be a new qualifying activity under the Enterprise Innovation Scheme (EIS). Businesses can claim tax deductions/allowances of 400% on up to $50,000 of qualifying artificial intelligence (AI) expenditures incurred for each of YA 2027 and YA 2028.
This book is written in an attempt to reach out to four groups of people. It is suitable for students pursuing basic income tax courses in the local universities and polytechnics. It will also serve as a good guide for candidates preparing for professional examinations in Singapore taxation, such as ACCA and the Singapore CA Qualification by ISCA. As this book attempts to explain the tax laws in plain simple language, it should appeal to non-tax professionals and anyone who wants to attain a higher appreciation of Singapore tax laws, regulations and practice. Last, but not least, the materials presented in this book should serve as good reference, particularly for junior staff who just started work.