Finance Minister, Mr Heng Swee Keat, delivered the 2019 Singapore Budget earlier this month. In the bicentennial year this was a giveaway budget, sharing the 2018 surplus, with no significant tax changes.
One key area to highlight for overseas employees is that the last year that an individual can register for Not Ordinarily Resident (NOR) relief will be YA2020.
NOR relief allows qualifying individuals to time apportion their income and/or claim relief for employer contributions to non-mandatory overseas pension schemes. Therefore individuals who have registered for NOR in YA2020 can continue to claim time apportionment relief up to and including YA2024. The withdrawal is designed to put domestic and overseas personnel on the same footing.
Further highlights and analysis on the Singaporean budget can be found at www.grantthornton.sg