Income Tax Act Amended & Enhanced

Via CNA,

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.

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