SG Budget 2016 – EY’s Wish List


Photo – Straits Times

EY suggested ways to capture new streams of tax revenue.

  • lowering the GST registration threshold to S$500,000 from the current S$1,000,000 per annum threshold
  • 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:-

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