PERSONAL TAX

The highest marginal tax rate remains at 20%.

A one-off tax rebate of 20% (capped at $2,000) for each resident taxpayer.

CORPORATE TAX

For first 3 years of operation for new companies, the conditions to qualify for full tax exemption of first $100,000 of chargeable income are relaxed:

- Corporate shareholders are allowed.

- At least one individual shareholder (Singaporean or foreigner) beneficially holds a minimum 10% of issued ordinary shared throughout the relevant basis period.

ESTATE DUTY

Abolished for those who died on or after 15 February 2008.

TRADE, BUSINESS, PROFESSION

Special allowance for fixtures, fittings and installations incurred from 16 February 2008 to 15 February 2013 capped at $150,000 every 3 years.

RESEARCH AND DEVELOPMENT TAX DEDUCTIONS FOR YEARS OF ASSESSMENT 2009 TO 2013

- Allowing deduction of 150% of expenses incurred if R&D is carried out in Singapore, either directly or outsourced.

- R&D tax allowance for companies with chargeable income and which incur incremental R&D expenses.

- R&D incentive for loss making start-up companies which can exchange for cash grant up to $20,250 within first 3 Years of Assessment.

FAMILY-OWNED INVESTMENT HOLDING COMPANIES

Certain locally sourced investment income and foreign sourced income will be exempt from tax.