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.