This alert highlights some of the key tax changes in the Income Tax (Amendment) Act 2020.
The Income Tax (Amendment) Act 2020 (Amendment Act) was passed by Parliament on 3 November 2020 and gazetted on 7 December 2020.
The Amendment Act gives legislative effect to the measures announced in the Unity Budget on 18 February 2020, as well as amendments arising from the COVID-19 measures in the three subsequent Budgets and the Ministerial Statement on 17 August 2020. It also includes non-Budget changes arising from the periodic review of Singapore’s income tax system.
