PERSONAL TAX

- No change to the highest marginal tax rate of 20%

- The one-off tax rebate of 20% (capped at $2,000) for each resident tax payer remains

CORPORATE TAX

- Jobs credit cash grant of up to $300 per employee with CPF contributions per month is automatically paid to eligible employers. The jobs credit is not taxable.

- Income tax rate is cut from 18% to 17% from Year of Assessment 2010. Full/partial tax exemption up to the first $300,000 of chargeable income remains.

- Unutilised trade losses and capital allowances for the Years of Assessment 2009 and 2010 can be carried back to Years of Assessment 2006, 2007 and 2008 up to a limit of $200,000 subject to shareholdings test.

- Qualifying renovation and refurbishment expenses can be deducted in 1 year up to $150,000 for every 3-year period.

- Resident companies will enjoy tax exemption on all foreign sourced income earned or accrued on or before 21 January 2009 and remitted to Singapore during the window period from 22 January 2009 to 21 January 2010.