Nadia Ahmad Samdin on Income Tax (Amendment) Bill

When it comes to taxing gains from the sale or disposal of foreign assets received in Singapore by businesses without economic substance here, what are some of the key principles that will distinguish businesses with economic substance and those without? What types of firms in terms of industry and size does the Government expect these changes to affect the most? These questions were raised by MP Nadia Ahmad Samdin in Parliament on Tuesday (Oct 3). She also noted that the Philanthropy Tax Incentive Scheme is designed to help enhance Singapore's position as a regional philanthropy hub. However, she called for more efforts to proactively strengthen the nexus between family offices and local charitable organisations to ensure that overseas donations do not overshadow the proportion of domestic donations, and that local giving operations are meaningful and sustainable.