actual interest expense against his qualifying rental income. This change, which simplifies tax compliance for individual taxpayers, will take effect from YA 2016. Allow tax exemption for To exempt from tax the income derived by a Section 13 mediators mediator for mediation work carried out in [Clause 8] Singapore from 1 April 2015 to 31 March 2020, so as to promote Singapore’s commercial mediation sector. Include a review date for the tax To introduce a review date of 31 March 2020 for the Section 13 exemption for non-tax-resident tax exemption for non-tax-resident arbitrators, to [Clause 8] arbitrators ensure that the relevance of the scheme is periodically reviewed. Increase the limits on the exempt As the CPF salary ceiling will be raised from $5,000 to Sections 10C and 39 amount and personal relief for CPF $6,000 from 1 January 2016, the limits on the [Clauses 6 and 25] Contributions arising from an following will correspondingly be increased: increase to the Compulsory CPF The amount of tax-exempt CPF contribution Contribution Limit made by employers; and The amount of tax relief given to a person for CPF contributions made by him to his own CPF account. Extend and enhance the 250% tax To increase the tax deduction rate for qualifying Section 37 deduction for donations donations made to IPCs and other qualifying recipients [Clause 22] (such as approved museums, prescribed schools) in 2015 from the current tax deduction rate of 250% to 300%, so as to build a stronger culture of giving and as part of the SG50 jubilee celebration.
actual interest expense against his qualifying rental income. This change, which simplifies tax compliance for individual taxpayers, will take effect from YA 2016. Allow tax exemption for mediators To exempt from tax the income derived by a mediator for mediation work carried out in Singapore from 1 April 2015 to 31 March 2020, so as to promote Singapore’s commercial mediation sector. Section 13 [Clause 8] Include a review date for the tax exemption for non-tax-resident arbitrators To introduce a review date of 31 March 2020 for the tax exemption for non-tax-resident arbitrators, to ensure that the relevance of the scheme is periodically reviewed. Section 13 [Clause 8] Increase the limits on the exempt amount and personal relief for CPF Contributions arising from an increase to the Compulsory CPF Contribution Limit As the CPF salary ceiling will be raised from $5,000 to $6,000 from 1 January 2016, the limits on the following will correspondingly be increased: The amount of tax-exempt CPF contribution made by employers; and The amount of tax relief given to a person for CPF contributions made by him to his own CPF account. Sections 10C and 39 [Clauses 6 and 25] Extend and enhance the 250% tax deduction for donations To increase the tax deduction rate for qualifying donations made to IPCs and other qualifying recipients (such as approved museums, prescribed schools) in 2015 from the current tax deduction rate of 250% to 300%, so as to build a stronger culture of giving and as part of the SG50 jubilee celebration. Section 37 [Clause 22]
ITA2015_BC_SummaryTable.docx