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Budget 2015 highlights singapore

budget 2015 highlights singapore

Applied Health Sciences, such as developing new medical devices and better nutrition, and transforming healthcare delivery.
The top marginal income tax rate will go up from 20 to 22 for the highest income earners with a chargeable income above S320,000.
Tharman Shanmugaratnam on 23rd February.30pm in Parliament.
PIC Bonus has ran its course and will expire this year.
Additionally, there will be an additional TEC of 1 per cent of wages in 2016, and.5 per cent of wages in 2017, helping to offset two-thirds of the employers' costs due to CPF changes in 2016, and one-third in 2017.Revisions to each scheme are as follows: Wage Credit Scheme (WCS) - The Government will co-fund 20 per cent (previously 40 per cent) of wage increases given to Singaporean employees earning a gross monthly salary of S4,000 and below.Focus on Innovation, sMEs engaging in innovation can apply to spring for Capability Development Grants (CDG) and will get support from a flexible and tailor-made grant depending on its scope for projects below 30,000 with enhanced funding support level, of up to 70 of costs.The same will be implemented for Work Permit holders in the manufacturing, marine and process and the construction sectors: - Manufacturing sector: Levies frozen at 2014 levels for 20Services, Marine and Process sectors: defer announced levy increases to 2016 - Construction sector: reduce levy for.Strengthen assurance in retirement, singapores development expenditures have already increased turbotax 2005 home and business from 12 billion five years ago to about 20 billion (4.8 of GDP) in the coming fiscal year.The current tax deduction for qualifying donations.5 times of the amount of donation made.

Investing in Innovation Internationalization, investing in innovation and internationalization of SMEs was another focal point of the Budget.
Spring will provide 50 per cent risk-sharing with partner financial institutions for business loans over an initial period of two years, aiming to catalyse about 100 venture debt loans, totalling approximately S500 million.
To simplify tax filing and reduce the burden of record keeping, apply on passive rental income deriving from year 2015 onwards, the individual taxpayers may opt to claim the rental expenses based on 15 of the gross rental income derived from the residential property.In order to promote Singapore's commercial mediation sector, income derived by a non-resident mediator (stayed or worked in Singapore for less than 183 days) for mediation work performed in Singapore for the period from to will be exempted from tax if: The mediator.Singapore is well positioned to serve the rapid growth of Asian finance, in areas such as infrastructure funding, structured trade finance and wealth management.PIC Schemes, the PIC Bonus scheme will no long er be extended beyond YA 2015 but the main PIC and PIC schemes will continue to YA 2018.The, double Tax Deduction for Internationalization scheme will be extended to cover salaries incurred for Singaporeans posted overseas.However, to help SMEs adapt to continued economic restructuring, it will be phased out in stages.