Income tax refund for Individuals and Companies in Singapore

This year’s Singapore Budget will present tax refunds to both individuals and companies.

In the 2013 Budget there will be a 30% corporate tax rebate which is capped at 30,000 SGD per year of assessment. This will be granted for three years, from 2013 to 2015. It is hoped that this measure will help to ease business costs.

Road tax will also be refunded in 30% for goods vehicles, including goods-cum-passenger vehicles, buses and taxis for one year.

The personal income tax refund will be assured to all the resident individuals’ taxpayers for Year 2013.

Resident individual taxpayers aged 60 and above as at Dec 31, 2012 will get a 50% refund capped at $1,500 per taxpayer.

Some 1.3 million resident taxpayers will benefit from these refunds, which will cost the government $615 million.