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Budget 2019 Tax Changes And Other Tax Changes Affecting YA 2020

Written by 
Sow Cheng
Taxation

Changes for Individuals

  • Personal tax rebate of 50% of tax payable cap up to $200 for Year of assessment 2019
  • Grandparent Caregiver Relief in respect of a handicapped and unmarried dependent child, regardless of the child's age from YA 2020
  • Lapse of Not Ordinarily Resident scheme after YA 2020

Changes for Businesses

  • Writing Down Allowance for acquisition of Intellectual Property Rights extended till last day of the basis period for YA 2025
  • Reduced Partial tax exemption for companies (from YA 2020) Announced in previous Budget:
  • Tax exemption scheme for new start-up companies (where any of the first 3 YAs falls in or after YA 2020)

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