SINGAPORE
HIGHLIGHTS
FEBRUARY 2021
- PAT is now open for live submission to IRAS for YA2021
- Budget 2021- Extend the 250% Tax Deduction for Qualifying Donations
- Budget 2021- Jobs Support Scheme (JSS)- Extension of JSS for Tier 1 and 2 Sectors
- Budget 2021- Wage Credit Scheme (“WCS”)
- Budget 2021- Jobs Growth Incentive (“JGI”)
- Budget 2021- FOREIGN WORKFORCE POLICIES
- Budget 2021- SGUNITED JOBS AND SKILLS PACKAGE
JANUARY 2021
No Changes to PAT-IRAS File Specification for Year of Assessment (YA) 2021
Validation Checks for Wage Declaration on PAT
CPF submissions using hardcopy forms for e-registered to cease from 2021
DECEMBER 2020
- Over $1 billion in 2020 Wage Credit Scheme payouts to more than 95,000 employers
- Income Tax Treatment of COVID-19-Related Payouts to Businesses and Individuals
NOVEMBER 2020
- No Statutory Updates
OCTOBER 2020
- Over $5.5 billion to be disbursed from 29 Oct under the Jobs Support Scheme
SEPTEMBER 2020
- Overview of Withholding Tax
- Common Errors Made by S45 WHT Payers
- Minimum 4% Interest Rate Floor on Special, MediSave and Retirement Account Monies Extended Until 31 December 2021
- Year End Forms (Year of Assessment 2021)
- Tightening of Work Pass Requirements
- Public Holidays for 2021
- Eligible Firms to Receive Jobs Growth Incentive Automatically from March 2021
- Jobs Growth Incentive (JGI)
AUGUST 2020
- Deferral of Requirements for Insurers Under the Work Injury Compensation Act 2019
JULY 2020
- Income Tax Treatment of COVID-19-Related Payouts to Businesses and Individuals
- Over $4 billion to be disbursed from 29 Jul under the Jobs Support Scheme
JUNE 2020
- Support for Employees
- Enhanced Job Support Scheme
- Over $450 Million in Wage Credits for more than 95,000 Employers by 30 June 2020
MAY 2020
- No Statutory Updates
APRIL 2020
- IRAS Extends Tax Filing Deadlines
- Support for Employees
- Job Support Scheme (JSS)
- Solidarity Budget
- Update on Job Support Scheme (JSS)
- Update on Solidarity Budget
- Extended Tax Filing Deadline
MARCH 2020
- MOM will be increasing the LQS threshold to $1,400
- All work pass holders have to obtain MOM’s approval before commencing their journey
- MOM will be increasing the EP salary to $3,900 per month
- Retirement age and Re-employment Age will be raised to 65 and 70 by 2030
- The CPF contribution rates for senior workers will be raised gradually over the next decade
FEBRUARY 2020
- Quarantine Order Allowance Scheme in Singapore
JANUARY 2020
- No Statutory Updates