Singapore Budget 2023 Webinar Series

Understand recent key changes in individual income tax and significant developments in the immigration landscape.

The Inland Revenue Authority of Singapore (IRAS) has announced that the concessionary tax treatment on employers’ contributions to overseas pension or provident fund will be ceased with effect from YA 2025. This change follows the increase in time limit for claiming foreign tax credits and the increase in composition fees for late filing and non-filing of tax returns effective from YA 2022 with the increase in income tax rate announced in Budget 2022.

The IRAS has recently been sending out the web-based tax audit forms, “Assurance Questionnaire on Reporting of Employee Remuneration”, to Singapore employers. If the IRAS identifies any potential gaps from the information provided in the questionnaire, it would perform a more in-depth check to determine the nature and extent of the under-reporting, and instruct the employer to rectify those errors. The Singapore tax law allows the IRAS to impose penalties of up to 400% of the amount of under-charged tax for under-reporting of employee’s remuneration, as well as fines and imprisonment.

The immigration landscape is changing drastically with the introduction of a new points-based Complementarity Assessment Framework (COMPASS) for EP applications, together with the continued strengthening of the Singaporean core labor market by the Ministry of Manpower (MOM), including raising the salary threshold for EP applications and introduction of a new work visa system for high-income earners. It has become a major issue for companies whether they will be able to secure sufficient resources in Singapore after the implementation of the new framework.

Join us at this webinar as we discuss key areas that businesses should be aware of:

Individual income tax updates

• Withdrawal of concessionary tax treatment on employers’ contributions to overseas pension or provident fund
• Increase in income tax rate
• Increase in time limit for claiming foreign tax credits
• Increase in composition fees for late filing and non-filing of tax returns
• Insights on the IRAS’ audit activities.

Immigration updates

• Raising of minimum qualifying salary for Employment Pass and S Pass
• Updates to the work pass framework
• Introduction of a new work visa system, ONE Pass, for high-income earners
• Overview and updates on COMPASS

Speakers:

• Kazuhiro (Ken) Matsuo, EY Asean Japan Business Services Leader; Partner, Assurance, Ernst & Young LLP
• Yosuke Iijima, Manager, People Advisory Services – Mobility Tax, EY Corporate Advisors Pte. Ltd.
• Janey Sachi Fukunaga, Consultant, People Advisory Services – Mobility Tax, EY Corporate Advisors Pte. Ltd.

Registration has closed for this webinar. For enquiries, please contact the organizer.