SINGAPORE BUDGET 2018 - Together, A Better Future - UHY LSC

SINGAPORE BUDGET 2018 - Together, A Better Future - UHY LSC
Together, A Better Future

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SINGAPORE BUDGET 2018 - Together, A Better Future - UHY LSC
FOREWORD ............................................................................................................................................. 2
BUSINESS TAX.......................................................................................................................................... 4
PERSONAL INCOME TAX ........................................................................................................................ 12
GOOD AND SERVICES TAX...................................................................................................................... 13
STAMP DUTY ......................................................................................................................................... 15
FOREIGN WORKER LEVY ........................................................................................................................ 16
OTHERS ................................................................................................................................................. 18
GLOSSARY ............................................................................................................................................. 22
CONTACTS ............................................................................................................................................. 24

SINGAPORE BUDGET 2018 - Together, A Better Future - UHY LSC

Minister for Finance Mr Heng Swee Keat delivered the Singapore’s Budget Statement for the Financial
Year 2018 in Parliament on 19 February 2018.

Mr Heng announced that Singapore’s Gross Domestic Products expanded by 3.6% in 2017. Coming as a
surprise, he announced a budget surplus of S$9.6 billion, far exceeded the expected surplus of S$1.9

The Budget comes amidst a backdrop of the three broad shifts, namely, the shift in global economic
weight towards Asia, the emergence of new technologies and an ageing population in Singapore. Budget
2018 will address these shifts through four strategies:
   1. Developing a more vibrant and innovative economy.
   2. Building a smart, green and liveable city.
   3. Fostering a caring and cohesive society
   4. Preserving a fiscally sustainable and secure future.

SINGAPORE BUDGET 2018 - Together, A Better Future - UHY LSC
Budget 2018 anchors and strengthens the foundation for Singapore’s development into the next decade.
It serves as a strategic and integrated financial plan to position Singapore for the future.

The government expects increase in spending needs, such as on healthcare, infrastructure, security and
education, there is a need to have sustainable revenue streams to fund these expenditures. As widely
expected, Mr Heng confirmed that the GST rate will be increased by two percentage points from 7% to
9% to be implemented sometime in the period from 2021 to 2025. Offset packages will be implemented to
help Singaporeans to adjust to the increase. From 01 Jan 2020, digital services imported from overseas
will be subjected to GST. Other measures to boost revenues include the raising of tobacco excise duty by
10 per cent, the introduction of carbon tax, the increase in top marginal buyer’s stamp duty from 3% to 4%
on value of residential property in excess of S$1 million.

The Government will support businesses to innovate and build capabilities through grants and help firms
grow and internationalize. The Pioneer Generation Office (PGO) will be renamed to Silver Generation
Office (SGO) to reflect its enhanced role. Singaporean citizens aged 21 years and above will be able to
share the fruits of Singapore’s prosperity through an SG Bonus of between $100 and $300 depending on

Mr Heng also outlined several measures to build a caring and cohesive society. There will be an increase
in the annual Edusave Contributions by the Government and more support for financial planning for
citizens. The government will strengthen the partnership between the government and the community to
support our seniors and those in need. Measures will be taken to upgrade the skills of workforce.
Capability Transfer Programme will support the transfer of skills from foreign specialists to Singaporean
workers. The Wage Credit Scheme will be extended for three more years to help local companies cope
with near term cost pressures.

We now summarise below the tax changes and some of the new initiatives unveiled in the Budget

SINGAPORE BUDGET 2018 - Together, A Better Future - UHY LSC

BUSINESS TAX                                              Effective

Enhancing and extending the                           YAs 2018 & 2019
Corporate Income Tax (“CIT”) Rebate      The CIT rate remains at 17%.
                                         The CIT rebate for YA2018 will be enhanced
                                          and the rebate will be extended to YA2019 as

                                          YA2018 – CIT rebate rate will be enhanced to
                                          40% of tax payable with an enhanced cap of

                                          YA2019 – CIT rebate rate of 20% of tax payable,
                                          capped at $10,000.

SINGAPORE BUDGET 2018 - Together, A Better Future - UHY LSC
Adjustment to the Start-Up Tax                                 YA2020
Exemption (“SUTE”) scheme                 The scheme will be adjusted as follows:
                                                                            Tax exemption
                                            First $100,000 of normal             75%
                                            chargeable income
                                            Next $100,000 of normal              50%
                                            chargeable income
                                          This change will take effect in or after

Adjustment to the Partial Tax                                  YA2020
Exemption (“PTE”) scheme                  The scheme will be adjusted as follows:
                                                                            Tax exemption
                                            First $10,000 of normal              75%
                                            chargeable income
                                            Nest $190,000 of normal              50%
                                            chargeable income
                                          This change will take effect in or after
                                           YA2020 for all companies (excluding those
                                           that qualify for SUTE scheme) and bodies of

Enhance the tax deduction for                           YA2019 to YA2025
qualifying expenditure on qualifying      Tax deduction for staff costs and
Research and Development (“R&D”)           consumables incurred on qualifying R&D
projects performed in Singapore            projects performed in Singapore will be
                                           increased from 150% to 250%.
                                          This change will take effect from YA2019 to

Enhance the tax deduction for costs                        YA2019 to YA2025
on protecting Intellectual Property       The scheme will be extended till YA2025;
(“IP”)                                    Enhance the deduction to 200% for the first
                                           $100,000 of qualifying IP registration costs
                                           incurred for each YA.
                                          The change will take effect from YA2019 to

Enhance the tax deduction for costs                         YA2019 to YA2025
on IP in-licensing                        The tax deduction for the first $100,000 of
                                           qualifying IP in-licensing costs incurred for
                                           each YA will be enhanced from 100% to
                                          Qualifying IP in-licensing costs exclude
                                           related party licensing payments, or
                                           payments for IP where any allowance was
                                           previously made to that person.

SINGAPORE BUDGET 2018 - Together, A Better Future - UHY LSC
Enhance the Double Tax Deduction                        On or after YA2019
for Internationalisation (“DTDi”)      The $100,000 expenditure cap for claims
scheme                                  without prior approval from IE Singapore or
                                        STB will be raised to $150,000 per YA
                                        incurred on the following activities:
                                            o Overseas business development
                                            o   Overseas investment study
                                            o   Participation in overseas trade fairs; and
                                            o   Participation in approved local trade fairs.
                                       Businesses can continue to apply to IE
                                        Singapore or STB on qualifying expenses
                                        exceeding $150,000 or expenses incurred on
                                        other qualifying activities.
                                       This change will apply to qualifying expenses
                                        incurred in or after YA2019.
                                       IE and STB will release further details by
                                        April 2018.

Extend the 250% Tax Deduction for                    Extended to 31.12.2021
Qualifying Donations                   The 250% tax deduction for qualifying
                                        donations will be extended for donations
                                        made on or before 31.12.2021.

Extend the Business and IPC                            Extended to 31.12.2021
Partnership Scheme (“BIPS”)            The Scheme was originally for qualifying
                                        expenditure incurred from 01.07.2016-
                                       It will be extended to 31.12.2021.
                                       The Scheme allowed a total of 250% tax
                                        deduction to a qualifying person on qualifying
                                        expenditure, such as wages incurred in
                                        respect of:
                                            o   The provision of services by his qualifying
                                                employee to an IPC; or
                                            o   The secondment of his qualifying
                                                employee to an IPC.
                                       The qualifying expenditure is subject to a cap
                                        of S$250,000 per business per YA and
                                        S$50,000 per IPC per calendar year.
                                       MOF and IRAS will review the administrative
                                       Details of changes will be announced in the
                                        second half of 2018.

Introduce a tax framework for             A tax framework will be introduced:
Singapore Variable Capital                     a. A S-VACC will be treated as a
Companies (“S-VACCs”)                              company and a single entity for tax
                                               b. Tax exemption under Sections 13R
                                                   and 13X of the ITA will be extended to
                                               c. 10% concessionary tax rate under the
                                                   FSI-FM scheme will be extended to
                                                   approved fund managers managing
                                                   an incentivised S-VACC; and
                                               d. The existing GST remission for funds
                                                   will be extended to incentivise S-

                                          MAS will release further details of the tax
                                           framework for S-VACCs by October 2018.

Extend the Enhanced-Tier Fund                                 Wef 20.02.2018
Scheme under Section 13X of the ITA       The enhanced-Tier Fund Scheme will be
to all fund vehicles                       extended to all fund vehicles constituted in all
                                          Besides companies, trusts and limited
                                           partnerships, all fund vehicles will be able to
                                           qualify for the scheme.
                                          The change will take effect for new awards
                                           approved on or after 20.02.2018.
                                          MAS will release further details by May 2018.

Extend the tax transparency                                On or after 01.04.2018
treatment for Singapore-listed Real       The following tax treatments will be accorded
Estate Investment Trusts (“S-REITS”)       to REITs ETFs:
to Singapore-listed Real Estate            a. Tax transparency treatment on the
Investment Trusts Exchange-Traded              distribution received by REITs ETFs from
Funds (“REITs ETFs”)                           S-REITs which are made out of the
                                               latter’s specified income;
                                           b. Tax exemption on such REITs ETFs
                                               distributions received by individuals,
                                               excluding individuals who derive any
                                               i. through a partnership in Singapore; or
                                               ii. from the carrying on of a trade,
                                               business or profession; and
                                           c. 10% concessionary tax rate on such
                                               REITs ETFs distribution received by
                                               qualifying non-resident non-individuals.

                                          Subject to conditions, the tax concessions for
                                           REITs ETFs will take effect on or after

   Review date is on 31.03.2020.
                                        Application for the tax transparency treatment
                                         can be submitted to IRAS on or after
                                        MAS and IRAS will release further details by
                                         March 2018.

Extend and enhance the Financial                        On or after 01.01.2019
Sector Incentive (“FSI”) scheme         The FSI scheme will be extended till
                                        The scope of trading in loans and their
                                         related collaterals is expanded to include
                                         collaterals that are prescribed infrastructure
                                         assets or projects.
                                        The change will apply to income derived on
                                         or after 01.01.2019 in respect of new and
                                         renewal awards approved on or after
                                        MAS will release further details by May 2018.

Extend the Insurance Business           The IBD-IBB scheme will be extended till
Development – Insurance Broking          31.12.2023.
Business (“IBD-IBB”) scheme             The IBD_SIBB scheme will be allowed to
                                         lapse after 31.03.2018.
Allow the Insurance Business            Specialty insurance broking and advisory
Development-Specialised Insurance        services will be incentivised under the IBD-
Broking Business (“IBD-SIBB”)            IBB scheme at a concessionary tax rate of
scheme to lapse                          10%.
                                        MAS will release further details by May2018.

Extend the tax deduction for banks                  Extended to YA2024 and 2025
(including merchant banks) and          The tax deduction under Section 14I of the
qualifying finance companies for         ITA will be extended till:
impairment and loss allowances           YA2024- for banks and qualifying finance
made in respect of non-credit-           companies with December FYE; or
impaired financial instruments.          YA2025 – for banks and qualifying finance
                                         companies with non-December FYE.
                                        MAS will release further details by May 2018.

Rationalize the withholding tax                        Review date – 31.12.2022
(“WHT”) exemptions for the financial      A review date of 31.12.2022 will be
sector                                     introduced for WHT exemptions for the
                                           following payments:
                                                i.    Payments made under cross currency
                                                      swap transactions made by Singapore
                                                      swap counterparties to issuers of
                                                      Singapore dollar debt securities;
                                               ii.    Payments made under interest rate or
                                                      currency swap transactions by financial
                                               iii.   Payments made under interest rate or
                                                      currency swap transactions by MAS; and
                                               iv.    Specified payments made under
                                                      securities lending or repurchase
                                                      agreements by specified institutions;

                                          The following WHT exemptions will be
                                           legislated, along with a review date of
                                                i.    Interest on margin deposits paid by
                                                      members of approved exchanges for
                                                      transactions in futures; and
                                               ii.    Interest on margin deposits paid by
                                                      members of approved exchanges for spot
                                                      foreign exchange transactions (other than
                                                      those involving Singapore dollar).

                                                  The change will take effect for payments
                                                  under agreements entered into on or after

                                          The WHT exemptions for the following
                                           payments will be withdrawn:
                                                i.    Interest from approved Asian Dollar
                                                      Bonds; and
                                               ii.    Payments made under over-the-counter
                                                      financial derivative transactions by
                                                      companies with FSI-Derivatives market
                                                      awards that were approved on or before

                                                  The change will take effect for payments
                                                  under agreements entered into on or after

                                          MAS will release further details by May 2018.

Extend the tax incentive scheme for                       Extended to 31.12.2023
Approved Special Purpose Vehicle           The ASPV scheme will be extended till
(“ASPV”) engaged in asset                   31.12.2023, with the exception of stamp duty
securitization transactions (“ASPV          remission on the instrument relating to
Scheme”)                                    transfer of assets to the ASPV for approved
                                            asset securitization transactions. The stamp
                                            duty remission will be allowed to lapse after
                                           MAS will release further details by May 2018.

Extend the Qualifying Debt Securities                     Extended to 31.12.2023
(“QDS”) incentive scheme                   The QDS scheme will be extended till
Allow the Qualifying Debt Securities       The QDS+ scheme will be allowed to lapse
Plus (“QDS+”) incentive scheme to           after 31.12.2018.
lapse                                      Debt securities with tenure beyond 10 years
                                            and Islamic debt securities that are issued:
                                                 a. After 31.12.2018 can enjoy tax
                                                    concessions under the QDS scheme if
                                                    the conditions of the QDS scheme are
                                                 b. On or before 31.12.2018 can continue to
                                                    enjoy the tax concessions under the
                                                    QDS+ scheme if the conditions of the
                                                    QDS+ scheme are satisfied.
                                           MAS will release further details b May 2018

Extend the tax exemption on income                        Extended till 31.12.2023
derived by primary dealers from            The tax exemption on income derived by
trading in Singapore Government             primary dealers from trading in SGS will be
Securities (“SGS”)                          extended till 31.12.2023.
                                           MAS will release further details by May 2018.

Extend the Investment Allowance                           20.02.2018 – 31.12.2023
(“IA”) scheme to include qualifying        The qualifying expenditure will be extended
investment in submarine cable               to capital expenditure incurred on newly-
systems landing in Singapore                constructed strategic submarine cables
                                            systems landing in Singapore, subject to
                                            qualifying conditions.
                                           All other conditions of the IA scheme apply
                                            except for the following which will be
                                                 a. The submarine cable system can be used
                                                    outside Singapore; and
                                                 b. The submarine cable systems, on which
                                                    IA has been granted, can be leased out
                                                    under the indefeasible rights of use
                                           This change will take effect for capital
                                            expenditure incurred between 20.02.2018
                                            and 31.12.2023, inclusive of both dates.

Introduce a review date for the WHT                     Review date – 31.12.2022
exemption on container lease             A review date of 31.12.2022 will be
payments made to non-resident             introduced.
lessors                                  Unless the scheme is extended, such
                                          payments accruing to a non-resident lessor
                                          under any lease or agreement entered into
                                          on or after 01.01.2023 in respect of the use
                                          of a qualifying container for the carriage of
                                          goods by seas will be subject to WHT.

Streamlining of different grants         Enterprise Development Grant (EDG)
                                          To combine the following grants:
                                               a. Capability Development Grant (CDG)
                                               b. Global Company Partnership (GCP)

                                               The grant will provide support for up to
                                               70% of qualifying costs from FY2018 to
                                               It will be administered by Enterprise
                                               Singapore (ESG).

                                         Productivity Solution Grant (PSG)
                                             The existing grant schemes that support
                                             pre-scoped, off-the-shelf productivity
                                             solutions will be streamlined into on PSG.
                                             The PSG will provide funding support for
                                             up to 70% of qualifying costs.

                                         Partnerships for Capability Transformation
                                          Programme (PACT)
                                             The existing PACT (Spring and EDB)
                                             and Collaborative Industry Projects (CIP)
                                             will be combined into a PACT scheme.
                                             PACT will provide support of up to 70% of
                                             qualifying costs.
                                             PACT will be administered by EDB and
                                         Spring and IE Singapore will be merged into
                                          Enterprise Singapore in April 2018.


PERSONAL INCOME TAX                      Effective

Personal Income Tax       No change to the personal income tax
                          There will be no tax rebate for YA2018.
                          As announced in the previous Budget, the
                           total personal income tax reliefs will be
                           capped at S$80,000 wef YA2018.


GOODS AND SERVICES TAX                                    Effective

Introduce GST on imported services                 On and from 01.01.2020
                                         GST on imported services will be introduced
                                          with effect from 01.01.2020.
                                         Business-to-Business (B2B) imported
                                          services will be taxed via a reverse charge
                                         Only the following businesses need to apply
                                          reverse charge:
                                              o   Businesses making exempt supply; or
                                              o   Businesses that do not make any
                                                  taxable supplies.
                                         Business-to-Consumers (B2C) imported
                                          services will take effect through an
                                          Overseas Vendor Registration (OVR) mode.
                                         This requires overseas suppliers and
                                          electronic marketplace operators which
                                          make significant supplies of digital services
                                          to local customers to register with IRAS for
                                         IRAS will release details by end Feb 2018.

Impending GST rate increase              In the period from 2021 to 2025
                                  The Government will raise GST rate from
                                   7% to 9% sometime in the period from 2021
                                   to 2015.
                                  The GST increase will be implemented in a
                                   progressive manner and the Government
                                       o   Continue to absorb GST on publicly-
                                           subsidised education and healthcare.
                                       o   Enhance the permanent GST voucher
                                       o   Implement an offset package for a


STAMP DUTY                                                    Effective

Raising of Buyer’s Stamp Duty on the                            20.02.2018
value of Residential Property in Excess      The top marginal Buyer’s Stamp Duty rate
of S$1 million                                will be raised from 3% to 4%.
                                             It applies on the value of residential
                                              property in excess of S$1 million.
                                             The revised rates will apply to all residential
                                              properties acquired on or after 20.02.2018.

                                                           Tiers             Rate
                                                 First $180,000            1%
                                                 Next $180,000             2%
                                                 Next $640,000             3%
                                                 Amount exceeding          4% (New)
                                                 $1,000,000 (for
                                                 residential properties
                                            If the Option to Purchase has been granted
                                             on or before 19.02.2018 and is exercised
                                             within three weeks of the proposed change
                                             (i.e. on or before 12.03.2018) or the Option
                                             validity period, whichever is the earlier,
                                             buyer may apply to IRAS for a remission to
                                             apply the current rate.
                                           The Buyer’s Stamp Duty rates for non-
                                           15residential properties remain unchanged.

FOREIGN WORKER LEVY                                          Effective

Deferring foreign worker levy (“FWL”)                  Deferred till 30.06.2019
changes                                     The planned increase in foreign worker levy
                                             for the Marine Shipyard and Process
                                             sectors will be further deferred for one more
                                             year from 01.07.2018 to 30.06.2019.

Foreign domestic worker (FDW) levy                             01.04.2019
framework                                   Family with young children and elderly will
                                             continue to enjoy the concessionary levy of
                                            The qualifying age for the levy concession
                                             under the aged person scheme will be
                                             raised from 65 to 67 from 01.04.2019.
                                            Households with persons aged 65 and 66,
                                             which are enjoying or have enjoyed the
                                             aged person concession before 01.04.2019
                                             will continue to pay the monthly levy rate of
                                             $60 on and after 01.04.2019

    For employers who do not qualify for the
     levy concession, the monthly levy will be
    For the first and second FDW, the levy will
     be raised from $265 today to $300 and
     $450 respectively.
    This change will take effect from


OTHERS                            Effective

Carbon tax                           2019
                 A carbon tax will be applied on facilities that
                  produce 25,000 tonnes or more of
                  greenhouse gas emissions a year.
                 The carbon tax rate will be set at S$5 per
                  tonne of greenhouse gas emissions from
                  2019 to 2023.
                 The tax will apply uniformly to all sectors
                  without exemption.
                 The rate will be reviewed in 2023 and may
                  be increased to between S$10 – S$15 per
                  tonne of emissions by 2030.
                 More details will be announced by the
                  Ministry of Environment and Water
                  Resources’ (MEWR) Committee of Supply.

Excise Duties for Tobacco Products                         19.02.2018
                                           The excise duty will be increased by 10%
                                            across all tobacco products.

Extension of the Wage Credit Scheme                     Extended to 2020
(WCS)                                      The Scheme is extended for another three
                                            years (2018 – 2020).
                                           Under the scheme, the Government will co-
                                            fund the following percentage of wage
                                            increases of Singaporean employees
                                            earning a gross monthly wage of up to
                                            S$4,000, subject to a minimum gross
                                            monthly wage increase of S$50:

                                                Qualifying wage     Percentage of
                                                  increase in        co-funding
                                                     2018               20%
                                                     2019               15%
                                                     2020               10%

                                           Only wage increase given in 2017, 2018
                                            and 2019 and sustained in subsequent
                                            years will be supported.

One-off SG bonus for adult                 Singaporeans aged 21 years and above in
Singaporean                                 2018 will receive a one-off “SG Bonus” this
                                            year, ranging from $100 to $300, depending
                                            on their income.

                                           Assessable income in
                                                 YA2017                 SG Bonus
                                                   S$                      S$
                                          28,000 and below                300
                                          From 28,001 to                  200
                                          Above 100,000                    100

                                           Adult Singaporeans who own more than
                                            one property are only eligible for SG Bonus
                                            of $100.

Increased support for education            Increase the annual Edusave contributions:
                                                Primary School: From $200 to $230.
                                                Secondary School: From $240 to $290.
                                            This will take effect from January 2019.

                                           Update the income eligibility criteria for the
                                            Edusave Merit Bursary and the Independent
                                            School Bursary.

 Increase the support to students from lower-
                                     income families.
                                     Will enhance the MOE Financial Assistance
                                     Scheme by raising the annual bursary
                                     quantum for pre-university students, from
                                     $750 to $900, and update the income
                                     eligibility criteria.

Support for Financial Planning         The Government will pilot a new financial
                                        education curriculum at polytechnics and

                                    The Government will enhance existing
                                     services to Singaporeans at HDB, when
                                     they buy a flat, and at CPF Board, when
                                     they approach retirement, to enable them to
                                     make better-informed decisions at these
                                     major milestones.

Review of Eldershield               The ElderShield, an insurance scheme that
                                     helps those with severe disabilities cope
                                     with the financial demands of their daily
                                     care, will be reviewed.

Enhanced Proximity Housing Grant       PHG for families buying a resale flat to live
(“PHG”)                                 with their parents or children will be
                                        increased to $30,000.
                                        Those buying a resale flat near their parents
                                        or children will continue to receive a PHG of

                                    PHG for singles, who are often a key source
                                     of caregiving support within their families will
                                     be enhanced:
                                           a. Singles who buy a resale flat to
                                               live with their parents will now
                                               receive an enhanced PHG of
                                           b. Those who buy a resale flat near
                                               their parents will also now receive
                                               a PHG of $10,000.

                                    Simplify the criterion for determining what is
                                     “near”. Currently, it is defined as living in the
                                     same town or within 2km. This criterion will
                                     be simplified to “within 4km”.

Extension of Service and Conservancy       The rebate will be extended for another
Charges Rebate                              year.
                                           In year 2018, eligible HDB households will
                                            receive 1.5 to 3.5 months of rebate on their
                                            Service and Conservancy Charges.


ABP            Approved Building Project
ADA-EEET       Accelerated Depreciation Allowance for Energy Efficient Equipment and Technology
ACRA           Accounting and Corporate Regulatory Authority
AFL            Approved Foreign Loan
AITD           Angel Investor Tax Deduction Scheme
ALS            Aircraft Leasing Scheme
ARI            Approved Royalties Incentive
ASEC           Additional Special Employment Credit
BEPS           Base Erosion and Profit Shifting
BIPS           Business and IPC Partnership Scheme
CAS            Cost Sharing Agreement
CEVS           Carbon Emission-Based Vehicles Scheme
CPF            Central Provident Fund
DTD            Double Tax Deduction
DUT            Designated Unit Trust Scheme
EDB            Economic Development Board
EIPIC          Early Intervention Programme for Infants and Children
FIs            Financial Institutions
FTC            Finance and Treasury Centre
GLS            Government Land Sales
GST            Goods and Services Tax
GSTV           GST Voucher
GTP            Global Trader Programme
GVR            Green Vehicle Rebate
HDB            Housing and Development Board
HQ             Head Quarters
IArb           International Arbitration
ICT            Information and Communications Technology
IEFS           Industrial Exemption Factory Scheme
IE Singapore   International Enterprise Singapore
IGS            International Growth Scheme
IIA            Integrated Investment Allowance
ITA            Income Tax Act
IRU            Indefeasible Right to use
LIA            Land Intensification Allowance

LTA      Land Transport Authority
M&A      Mergers & Acquisitions Scheme
MAS      Monetary Authority of Singapore
MDE      Media and Digital Entertainment
MOF      Ministry of Finance
MOM      Ministry of Manpower
MSI      Maritime Sector Incentive
MYE      Man-Year-Entitlement
PE       Permanent Establishment
PIC      Productivity and Innovation Credit
PTE      Partial Exemption Scheme
R&D      Research and Development
R&R      Renovation and Refurbishment
RBTs     Registered Business Trusts
REITs    Real Estate Investment Trusts
S&CC     Service and Conservancy Charges
SEC      Special Employment Credit
SME      Small and Medium Enterprise
SUTE     Start-up Tax Exemption Scheme
TEC      Temporary Employment Credit
TRS      Tourist Refund Scheme
WCS      Wage Credit Scheme
WDA      Writing Down Allowance
WHT      Withholding Tax
WPHs     Work Permit Holders
YA       Year of Assessment


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UHY Lee Tax Services Pte Ltd (the “Firm”) is a member of Urbach Hacker Young International Limited, a UK company, and forms part of the
international UHY network of legally independent accounting and consulting firms. UHY is the brand name for the UHY International
network. The services described herein are provided by the Firm and not by UHY or any other member firm of UHY. Neither UHY nor any
member of UHY has any liability for services provided by other members.

©2018 UHY Lee Tax Services Pte Ltd

An independent member of UHY International

“Your Trusted Partner for Excellence”

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