18 Feb '11, 10pm

Thumbs up for corporate income tax rebate and cash grants

SINGAPORE - The Government has announced a one-off corporate income tax rebate of 20 per cent, capped at S$10,000 for Year of Assessment 2011, a move aimed at helping companies alleviate cost pressures this year. Smaller companies that do not pay much tax can instead go in for a cash grant of up to S$5,000. To qualify for the scheme, these companies must have made CPF contributions in the assessment year 2011. The Government said companies will automatically receive the higher of the corporate tax rebate or the grant when the Inland Revenue Authority of Singapore assesses the tax returns. This will cost the Government an estimated S$560 million. Tax experts gave the cash grant and other enhancements the thumbs up. Mr Chan Huang Chay, tax partner (corporate tax), Deloitte Singapore, said: "The one-off 20 per cent corporate income tax rebate ... could reduce the tax payable ...

Full article: http://www.todayonline.com/Business/EDC110219-0000229/Thu...

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