ANNOUNCEMENT 11 Oct 2017

On 11 October 2017, the Singapore Accounting and Corporate Regulatory Authority announced tax incentives for foreign companies which choose to transfer their domicile to Singapore.

The regime will be in effect immediately.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Singapore Accounting and Corporate Regulatory Authority, Inward Re-domiciliation regime to take effect from 11 October 2017. Available at: https://www.acra.gov.sg/components/templates/newsDetails.aspx?id=b6661ad0-09c6-405f-ba7b-da63cd7ad72b

Singapore Statutes Online, Income Tax Act, as of 26 October 2017. Available at: https://sso.agc.gov.sg/Act/ITA1947/Historical/20171026?DocDate=20140331&ValidDate=20171026&Timeline=On#pr34G-

Singapore Statutes Online, Income Tax (Amendment) Bill No. 36/2017, 11 September 2017. Available at: https://sso.agc.gov.sg/Bills-Supp/36-2017/Published/20170911?DocDate=20170911

Inception date: 11 Oct 2017 | Removal date: open ended

FDI: Financial incentive

On 11 October 2017, the Singapore Accounting and Corporate Regulatory Authority introduced tax incentives for foreign companies which choose to transfer their domicile to Singapore. With this scheme, firms are able to relocate their headquarters to Singapore while retaining the corporate branding.

Foreign firms re-domiciled in Singapore which have not conducted any trade or business activities in Singapore before the re-domiciliation date will receive additional tax deductions related to qualifying intellectual property, research and development, refurbishment, or design expenditure. Firms are also eligible for capital expenditure allowances.

The regime will be in effect from 11 October 2017.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A