18 Feb '11, 8am

Budget 2011: Businesses to get 20% corporate tax rebate

SINGAPORE: The rise in rents, wages and utility bills over the past year have added more pressure on businesses, but they will get some help, in the form of tax rebates and employment credits. First, companies will receive a 20 per cent corporate income tax rebate for the Year of Assessment 2011. This will be capped at S$10,000. But Finance Minister Tharman Shanmugaratnam said this may not fully benefit small-and-medium enterprises (SMEs), as many of them pay very little taxes. He estimates that more than 85 per cent of eligible companies will receive less than S$5,000 from the rebate. So for these companies, there will be the option of a one-off SME Cash Grant, amounting to five per cent of the company's revenues in YA 2011. This will be subject to a cap of S$5,000, and companies must have made CPF contributions in YA 2011. They will automatically receive either the tax r...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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