Singapore Launches Public Consultation on Draft Income Tax (Amendment) Bill 2017

The Singapore Ministry of Finance has launched a public consultation on the draft Income Tax (Amendment) Bill 2017, which incorporates 34 proposed legislative amendments to the Income Tax Act, including changes announced in the 2017 Budget, changes regarding transfer pricing, and other amendments.

The budget measures include:

• Enhance and extend the corporate income tax rebate for year of assessment (YA) 2017 and YA 2018;
• Liberalize tax deduction for payments under cost sharing agreements fo…