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With the economy affected by COVID-19, more initiatives and changes will be introduced by the government to stabilise, grow and transform the economy so that businesses can stay vibrant, and have access to better market opportunities. On the one hand, Budget 2020 provides a broad suite of measures to care for and support all taxpayers at every stage of their business operation. Nevertheless, on the other hand, Budget 2020, and policies changes have also created many tax uncertainties for the taxpayers. For example, Tax Treatment of Grants/ Pay-outs Commonly Received by Companies; do I get taxed on the JSS pay-out? Or the Tax Exemption Scheme for New Start-up Companies. Consider this example. Taxpayer incorporated his company (a qualifying company) in 2017 and closed his book in December every year. The company is qualified for the tax scheme to lower his tax payable and had filed the first tax return in YA2018. In the FY2019, the company’s ECI is S$160,000 but the estimated tax payable for the YA2020 is S$9,350.
Also, the due date for charities and registered societies to hold their AGM is Dec 2020 - What is the tax filing deadline with IRAS for charities and registered societies? Join us online as we walk through the proposed 2020 Budget changes, outlining the selected corporate tax changes for businesses in coping with the slowing economy and managing the (tax compliance) uncertainty.
