The Income Tax Act has been amended and enhanced to better help Singapore achieve economic and social objectives.
The key takeaway are:
- Qualifying Child Relief will be doubled to S$4,000.
- Handicapped Child Relief will be raised to S$5,500.
- Working mothers will also be able to claim up to 100% of earned income for all qualifying Singaporean children including the fifth child and beyond.
- The cap for the total amount claimable for all three relief schemes in respect of the same child has been doubled to S$50,000.
- For the S$5,000 Parenthood Tax Rebate, it will be extended to the first child.
- Parents can also get S$20,000 for each child beyond the fourth one.