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SINGAPORE : The Finance Ministry (MOF) has accepted 33 out of the 83 suggestions from the public on the draft Income Tax (Amendment) Bill.
In a statement, MOF said the ideas were generated during a public consultation exercise held from June 28 to July 19.
Suggestions that have been accepted will be incorporated into the revised Income Tax (Amendment) Bill.
MOF added that the issues that received the most feedback were those related to the Productivity and Innovation Credit (PIC) scheme, which aims to promote enterprise investment.
Feedback on the PIC scheme included the extension of the "qualifying training expenditure" to cover the rental of training equipment such as projectors or facilities.
Another suggestion related to the extension of the Development and Expansion Incentive to include international legal services.
MOF said the tax deduction scheme for angel investors to claim deductions for their investments in start-ups, and the Land Intensification Allowance to support enhanced land productivity among industrial users also received a lot of feedback.
It added that the remaining 50 suggestions were not accepted as they are not consistent with the legislative drafting conventions or the policy objectives for the proposed legislative changes. - CNA/ms
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