Income Tax Act enhanced to better achieve economic and social objectives

The Income Tax Act has been amended and enhanced to better help Singapore achieve economic and social objectives.

- One key change is that the amounts of Child Relief and Handicapped Child Relief will be increased from next year.

- Qualifying Child Relief will be doubled to S$4,000. She said this will be extended to all qualifying children, beyond the fourth child. Handicapped Child Relief on the other hand will be raised by S$2,000 to S$5,500.

- Working mothers will also be able to claim up to 100 per cent of their earned income for all qualifying Singaporean children under the Working Mother's Child Relief. This includes the fifth child and beyond.

- The cap for the total amount claimable for all three relief schemes in respect of the same child has been doubled to S$50,000.

- As for the S$5,000 Parenthood Tax Rebate, it will be extended to the first child.

- Mrs Lim said that parents can also get S$20,000 for each child beyond the fourth one.

- Selected groups of taxpayers will be exempted from filing their income tax. This will not only benefit about 300,000 taxpayers, but help the government save on tax administration costs.

- Under the other amendment, General Partnerships and Limited Liability Partnerships will now enjoy tax incentives. They will enjoy specific tax incentives such as further reductions for research and development expenditure.

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