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ARTICLE · 20 MAY 2019

Singapore Budget 2019: Tax Developments

The NOR scheme will lapse after YA 2020.

SingaporeTax

Introduction

As Singapore progresses into its bicentennial year this 2019, Singapore's Finance Minister Mr Heng Swee Keat delivered the Budget Statement in Parliament on 18 February 2019, announcing various tax and policy changes aimed at building a long-term and fiscally sustainable future.

At a glance, the key tax changes affecting individuals and businesses include:

a. Personal income tax rebate for resident individuals;
b. Lapse of Not Ordinarily Resident (NOR) scheme to attract foreign talents;
c. Reduced GST import relief for travellers; and
d. Extension of tax incentives for the financial sector and fund industry.

We discuss these changes in turn below. While some of these changes do not appear to significantly impact individuals and businesses in Singapore, they reflect recent tax trends and build on existing initiatives in previous years' Budgets.

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