trading in Singapore consignment arrangements will be withdrawn from YA 2018. in specified commodities via consignment arrangements Withdraw the As the scheme is assessed to be no longer relevant, the Approved Section 10A Investment Company scheme Investment Company scheme will be withdrawn after 1 January 2017. [Clause 4] Enhancing the Global Trader To trade finance capabilities and encourage Section 43P strengthen Singapore’s Programme (Structured more SCF activities to be done in Singapore, the GTP(SCF) scheme is [Clause 36] Commodity Finance) enhanced with effect from 25 March 2016 to include the following scheme new qualifying activities: (“GTP(SCF)”) Consolidation, management and distribution of funds for designated investments; Treasury advisory services in relation to mergers and acquisitions; and Streaming financing. Introduce a cap of $80,000 on To enhance the progressivity of our personal income tax regime, the Sections 39A, personal income tax reliefs total amount of personal income tax reliefs that an individual can claim 40B, 40C and will be capped at $80,000 per YA with effect from YA 2018. 40D [Clauses 25, 26, 27 and 28]
trading in Singapore in specified commodities via consignment arrangements consignment arrangements will be withdrawn from YA 2018. Withdraw the Investment Company scheme As the scheme is assessed to be no longer relevant, the Approved Investment Company scheme will be withdrawn after 1 January 2017. Section 10A [Clause 4] Enhancing the Global Trader Programme (Structured Commodity Finance) (“GTP(SCF)”) scheme To strengthen Singapore’s trade finance capabilities and encourage more SCF activities to be done in Singapore, the GTP(SCF) scheme is enhanced with effect from 25 March 2016 to include the following new qualifying activities: Consolidation, management and distribution of funds for designated investments; Treasury advisory services in relation to mergers and acquisitions; and Streaming financing. Section 43P [Clause 36] Introduce a cap of $80,000 on personal income tax reliefs To enhance the progressivity of our personal income tax regime, the total amount of personal income tax reliefs that an individual can claim will be capped at $80,000 per YA with effect from YA 2018. Sections 39A, 40B, 40C and 40D [Clauses 25, 26, 27 and 28]
SUMMARY%20TABLE%20ON%20CHANGES%20TO%20THE%20INCOME%20TAX%20ACT%20(ITA)%20AS%20ANNOUNCED%20IN.docx