Lawrence Wong on Income Tax (Amendment) Bill
Proposed amendments to the Income Tax Act were raised for debate in Parliament on Tuesday (Oct 5) to effect tax measures arising from Budget 2021 and various COVID-19 support schemes. The measures include extending an enhancement to the loss carry-back relief scheme to help businesses with cash flow; enhancing the scope of the Double Tax Deduction for Internationalisation Scheme to cover more qualifying expenses such as those incurred to take part in virtual trade fairs; and not taxing support payments that tenants receive from landlords in 2021. Details of the changes were given by Finance Minister Lawrence Wong.
Proposed amendments to the Income Tax Act were raised for debate in Parliament on Tuesday (Oct 5) to effect tax measures arising from Budget 2021 and various COVID-19 support schemes. The measures include extending an enhancement to the loss carry-back relief scheme to help businesses with cash flow; enhancing the scope of the Double Tax Deduction for Internationalisation Scheme to cover more qualifying expenses such as those incurred to take part in virtual trade fairs; and not taxing support payments that tenants receive from landlords in 2021. Details of the changes were given by Finance Minister Lawrence Wong.
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