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Introduction of RIC and additional CTR tier on various incentives
Introduction of Refundable Investment Credit and additional concessionary tax rate tier on various incentives
Singapore Budget 2024 introduced a Refundable Investment Credit, a Global Anti-Base Erosion Rules compliant qualified refundable tax credit with the aim to encourage sizeable investments into Singapore.
Adding on to the enhancement of Singapore’s suite of investment promotion tools, the Finance Minister also introduced an additional concessionary tax rate (CTR) tier to a number of tax incentives, namely: Development and Expansion Incentive, Intellectual Property Development Incentive, Global Trader Programme, Finance and Treasury Centre Incentive and Aircraft Leasing Scheme.