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Singapore's Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2023 proposes changes to the approved royalty incentive

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

  • A bill introduced in Parliament on 3 October 2023 proposes changes to existing income tax law to help simplify the approved royalty incentive.
  • The Singapore Budget 2022 announced the simplification of the approved royalty incentive to cover classes of royalty agreements predicated on an activity-set-based approach (instead of an agreement-based approach).

Executive summary

On 3 October 2023, the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2023 (Amendment Bill) was intr…

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