ANNOUNCEMENT 24 May 2018

On 24 May 2018, the Singapore Ministry of Finance granted Singaporean firm Lee Rubber Company (Pte) Limited income tax exemption on foreign income derived from the sale of various transactions.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Singapore Statutes Online, Income Tax (Exemption Of Foreign Income) (No. 2) Order 2018, 24 May 2018. Available At: Https://Sso.Agc.Gov.Sg/Sl/Ita1947-S323-2018?Docdate=20180525

Inception date: 24 May 2018 | Removal date: open ended
Still in force

Tax or social insurance relief

On 24 May 2018, the Singapore Ministry of Finance granted Singaporean firm Lee Rubber Company (Pte) Limited income tax exemption on foreign income derived from the sale of various oil palm estates in Malaysia, valued at a total of SGD 80.6 million (USD 60.1 million).

The Singapore corporate income tax rate is 17%.

The value of the tax relief is approximately SGD 13.7 million (USD 10.2 million).

AFFECTED SECTORS

 

AFFECTED PRODUCTS