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.