GST, Income Tax Bills Passed

Monday, Mar 21 2016 04:36 PM

Parliament passed the GST (Amendment) Bill yesterday, allowing the Comptroller of GST to bar people from leaving Singapore if they are found to have made wrongful claims for goods and services tax (GST) refunds. - See more at: http://news.asiaone.com/news/singapore/gst-income-tax-bills-passed?utm_medium=Social&utm_source=Twitter&utm_campaign=Echobox&utm_term=Autofeed&link_time=1456817143#xtor=CS2-4

GST refunds are meant for eligible tourists but some people, such as permanent residents and foreigners on work permits, have also made claims.

The Income Tax (Amendment) Bill was also passed yesterday. This gives small and medium-sized enterprises more support under the Mergers & Acquisitions scheme, which has been extended until March 2020.

Another change grants tax exemption on withdrawals of up to $400,000 from the Supplementary Retirement Scheme on the death or terminal illness of the member.

Straits Times Tuesday, Mar 1, 2016