In 2024, Singapore implemented several tax measures to support businesses and individuals. The Budget introduced a 50% Corporate Income Tax (CIT) rebate, capped at SGD 40,000, to assist companies in managing rising costs. This rebate is applied directly to the income tax payable for the specified Year of Assessment (YA), effectively reducing the tax burden on businesses.

Additionally, the Income Tax (Amendment) Bill 2024 proposed 15 amendments to legislate measures announced in the Budget, including corporate and individual tax rebates for YA 2024, enhancement of tax deductions for renovation or refurbishment expenditures, and the introduction of a new Overseas Humanitarian Assistance Tax Deduction Scheme. These amendments aim to align Singapore’s tax laws with national policy objectives, enhance tax clarity, and simplify tax administration.