Neil Parekh Nimil Rajnikant on Income Tax (Amendment) Bill

Taxing gains from the sale of foreign assets received in Singapore by businesses without economic substance in the country may have a very positive outcome, which is that corporates, fund management companies and family offices may choose to expand their operations and business here so that they are exempt. NMP Neil Parekh Nimil Rajnikant made this point in Parliament on Tuesday (Oct 3). He also welcomed the Enterprise Innovation Scheme as a potential “game changer” for Singapore’s economy. He said it aims to anchor high value-creation activities here and foster the growth of businesses that operate digitally and internationally. Mr Parekh also spoke about plans to mandate intermediaries to submit income information for self-employed persons. He asked if this could be rolled out along with upcoming changes involving platform workers, with platform companies classified as intermediaries and given financial support to establish a new infrastructure for regulatory reporting.