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This alert provides an overview of the concessionary tax treatment and the key implications of its withdrawal.
The Inland Revenue Authority of Singapore has announced the withdrawal of the concessionary tax treatment that provides exemption on employers’ contributions to mandatory overseas pension and provident funds.
With effect from Year of Assessment 2025, this concessionary tax treatment will cease, and all employers’ contributions made on or after 1 January 2024 to an overseas pension or provident fund will be taxable in the hands of employees.
This alert provides an overview of the concessionary tax treatment and the key implications of its withdrawal.