Updated tax measures revealed in amended Income Tax Bill 2021.

Covered by this bill are updated measures in response to the pandemic.

The Ministry of Finance (MOF) announced today via a press release updated tax measures as a response to both the pandemic and feedback received from public consultation.

Changes announced include the enhancement to the loss carry-back relief scheme and the extension of 3 years instead of one, accelerating the write-off of the of cost of acquiring plant machinery over two years instead of three and the option to claim renovation and refurbishment in one YA instead of three.

The Double Tax Deduction for Internationalisation (DTDI) will also be upgraded to cover additional expenses.

A 250% tax deduction currently in place for donations made to Institutions of Public Character (IPCs) will be extended for two more years.

Measures that were done as a result of the current pandemic include the exemption of landlords and master tenants from mandatory support payments made in 2021, the allowing of income tax deductions to either pass on the rental waiver granted for Government-owned commercial properties. This will be subject to a cap.

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