Income Tax (Amendment) Bill

The Income Tax (Amendment) Bill aims to implement tax changes based on Singapore's 2020 Budget Statements and amend related provisions in both the Income Tax Act and the Stamp Duties Act. Key highlights include:

• The redefinition of "incapacitated person" and the introduction of a new section to assign functions to public bodies under tax provisions.
• Certain categories of income, including payments under various COVID-19 relief schemes, will be exempt from tax.
• Extensions of tax incentives and approvals for international and shipping-related enterprises are provided, along with new provisions on deductions related to COVID-19 impacts on income.
• The act enables significant changes to capital allowance regulations and the treatment of losses, as well as the authority for the Comptroller to disregard tax avoidance arrangements.
• There are adjustments to the treatment of certain deductions and validations for actions taken during the transition period for tax incentives.