Singapore budget 2016 offers a more targeted approach to tackle global headwinds. The tax changes are aimed at specific industries that are hardest hit by the global slowdown. We highlight some of the Budget 2016 changes as follows:-

1. Enhancing the corporate tax rebate
2. The Productivity and Innovation Credit (PIC) Scheme
3. Introduction of the Automation Support Package
4. Mergers and Acquisition (M&A) Scheme
5. Extending section 13Z to grant certainty on tax treatment on disposal of equity
6. investments held for at least 24 months
7. Extending the double tax deduction (DTD) for Internationalisation of business
8. Enhancing the Land Intensification Act (LIA)
9. Writing down allowance for Intellectual Property Rights
10. Introduction of an anti-avoidance provision for IPR transfer under Section 19B of the ITA
11. Extending and enhancing the Finance Treasury Centre (“FTC”) tax incentive
12. Asset management – Extending and refining the tax incentive for Approved Trustee Companies
13. Insurance
14. Global Trader Programme (Structured Commodity Finance)
15. Maritime Sector

For the full details, please download our budget commentary.