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Singapore proposes legislative changes for Refundable Tax Credits

|Tax Alerts, Legislation & Policy, Na ...|Singapore
Singapore

  • Proposed changes to the Income Tax (Amendment) Bill 2024 include a new Refundable Investment Credit (RIC), which may be used to offset corporate income tax.
  • As Singapore prepares to implement the Income Inclusion Rule and Domestic Top-up Tax in 2025, multinational entities may want to consider how the RIC (together with Singapore's suite of tax incentives and cash grants available) could be factored into their tax strategy.
 

The Singapore Ministry of Finance (MOF) released the Income Tax (Ame…

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