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Key issues:
- The Singapore Budget for the fiscal year 1 April 2006 to 31 March 2007 was announced in Parliament on 17 February, 2006.
- Only one announcement will affect individuals – distributions by qualifying domestic trusts to beneficiaries out of locally-sourced investment income or foreign-sourced income will be tax exempt in the hands of the beneficiaries.
- Companies with share-based compensation schemes will now be allowed a tax deduction for any actual outlay incurred for employee stock options and other share-based compensations granted through treasury shares.
- Other recent announcements include a further update by the Inland Revenue Authority of Singapore on taxation of benefits-in-kind in response to feedback they received from the public and various organizational bodies particularly on the tax treatment of travel-related allowances and reimbursements.
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