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SG Budget 2016 – EY’s wishlist

2016-02-12_10-00-46

Photo – Straits Times

EY suggested ways to capture new streams of tax revenue.

  1. lowering the GST registration threshold to S$500,000 from the current S$1,000,000 per annum threshold
  2. imposing GST on the digital economy. (Mr Kor Bing Keong, a GST Services partner at Ernst & Young Solutions)

On the relief to business, EY has suggested providing incentives for:-

  1. Singapore-based family offices,
  2. maintaining the corporate tax rate and;
  3. increasing the cap of 1% (on employees’ total remuneration) for tax deduction for medical expenses.

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