Page 3 - RSM Budget 2023 Highlights

CONTENTS

FOREWORD 2
CORPORATIONS AND BUSINESSES 4
 Base Erosion and Profit Shifting Initiative – Pillar 2 GloBE Rules
 Enterprise Innovation Scheme
 Double Tax Deduction for Internationalisation Scheme
 Accelerate the write-off of cost of acquiring plant and machinery
 Accelerate the deduction for renovation or refurbishment expenditure

TAX INCENTIVE SCHEMES 12
 Financial Sector Incentive Scheme
 Philanthropy Tax Incentive Scheme for Family Offices
 Qualifying Debt Securities Scheme
 Approved Special Purpose Vehicle engaged in Asset Securitisation transactions and new Sub-
scheme to support Covered Bonds
EXTENSION OF SCHEMES AND CONCESSIONS 16

 Investment Allowance Scheme
 Investment Allowance - 100% Scheme for Automation Projects
 Enterprise Financing Scheme
 Energy Efficiency Grant
 Pioneer Certificate Incentive and Development and Expansion Incentive
 IP Development Incentive
 Tax Exemption on income derived by primary dealers from trading in Singapore Government
securities
 Insurance Business Development - Insurance Broking Business Scheme
 Deduction of general provisions for doubtful debts and regulatory loss allowances for non-
credit-impaired financial instruments for banks and qualifying finance companies
 Tax Measures relating to Submarine Cable Systems

PERSONAL INCOME TAX 20
 Working Mother’s Child Relief
 Grandparent Caregiver Relief
 Foreign Domestic Worker Levy Relief

MISCELLANEOUS 23
 Progressive Wage Credit Scheme
 CPF monthly salary ceiling
 Senior worker CPF contribution rates and minimum monthly payouts
 Tax deduction for qualifying donations
 Corporate Volunteer Scheme
 Additional Registration Fee for vehicles
 Preferential Additional Registration Fee for vehicles
 Buyer’s stamp duty rates for higher-value residential and non-residential properties
 Building modification expenditure for benefit of disabled employees withdrawn

ABBREVIATIONS 34

ABOUT RSM IN SINGAPORE 35
GROWING WITH YOU AND OUR TAX SERVICES 36

INDUSTRY SPECIALISATIONS 38

Information contained in this booklet is for general reference only.
Readers should seek professional advice before taking any action based on the information contained herein.

BUDGET 2023 HIGHLIGHTS | 1