MHSG

Budget 2026 – Summary of Key Tax Changes

admin_mhsg — Thu, 19 Mar 2026 10:28:58 +0000

Budget 2026 was delivered by the Prime Minister and Minister of Finance, Mr. Lawrence Wong, on 12 February 2026.

Singapore enters a post-SG60 phase in her nation building journey at the cusp of changes in world order. The Budget seeks to secure the future through focus areas such as advancing economic strategy, harnessing Artificial Intelligence as a strategic advantage, building a resilient and skilled workforce, providing support and assurance to families, protecting security and sustainability.

Tax related changes woven into the above include the enhancement of the following:

Double Tax Deduction for Internationalization scheme to complement the advancement of economic strategy relating to globalization;
Enterprise Innovation Scheme to provide support in qualifying spending in Artificial Intelligence and so forth.

Details of the key tax-related changes are set out below.

Key Changes for Businesses

General

Corporate Income Tax (CIT) Rebate and Cash Grant for YA 2026

The CIT Rebate and Cash Grant have been extended to YA 2026, albeit a reduction of the CIT Rebate to 40% (from 50%); and the Cash Grant to $1,500 (from $2,000) subject to meeting the “local employee condition”.

Companies which have employed / made CPF contributions to at least one local (i.e. Singapore Citizen or Permanent Resident) employee in calendar year 2025 are considered to have met the “local employee condition”. Shareholders who are also directors of the company are excluded from the definition of “local employees”.

The total maximum benefit from the CIT Rebate and Cash Grant (i.e. the cap) has also been reduced to $30,000 (from $40,000).

Note: As part of the measures to support firms amid the Mid-East conflict, it was announced on 7 April 2026 that the 40% corporate income tax rebate will be increased to 50%. The Cash Grant will be increased to $2,000 and the total maximum benefit from the CIT Rebate and Cash Grant will be raised to $40,000.

Enhancement of Double Tax Deduction for Internationalization (DTDi) scheme

Existing

Under the current DTDi scheme, businesses are allowed a 200% tax deduction on eligible expenses incurred on 16 qualifying market expansion and investment development activities.

The 200% tax deduction on the first $150,000 of eligible expenses for the following 9 activities per YA may be claimed without prior approval:

1. Approved local trade publications;
2. Design of packaging for overseas markets;
3. Local trade fairs;
4. Overseas advertising and promotional campaigns;
5. Overseas investment study trips;
6. Overseas market development trips;
7. Overseas trade fairs;
8. Product/service certification; and
9. Virtual trade fairs

Enhancements

To further support businesses in their internationalization efforts, the expenditure cap for claims that may be filed without prior approval will be raised from $150,000 to $400,000 per YA.

The scope of eligible expenses and activities requiring no prior approval have also been expanded to cover all eligible expenses incurred on overseas market development trips and overseas investment study trips as well as the following qualifying activities:

1. Investment feasibility/due diligence studies;
2. Master licensing and franchising;
3. Market surveys/feasibility studies;
4. Overseas business development; and
5. Production of corporate brochures for overseas distribution.

Businesses have to apply to Enterprise Singapore or Singapore Tourism Board for expenses exceeding $400,000 per YA or expenses incurred on overseas trade office and e-commerce campaigns.

The changes will apply to expenses incurred from YA 2027.

More details will be provided by 2Q 2026 (Enterprise Singapore).

Enhancement of Enterprise Innovation Scheme (EIS)

Existing

Under the EIS, qualifying businesses can claim 400% tax deductions/allowances on qualifying expenditure incurred on the 5 qualifying activities:

1. Qualifying Research and Development activities undertaken in Singapore;
2. Registration of Intellectual Property (“IP”);
3. Acquisition and licensing of IP rights;
4. Training courses that are eligible for SkillsFuture Singapore funding and aligned with the Skills Framework; and
5. Innovation projects carried out with polytechnics, the Institute of Technical Education, or other qualified partners (collectively known as partner institutions).

For activity 1 to 4, the qualifying expenditure capped for each activity is $400,000 for each YA.

For activity 5, the qualifying expenditure is capped at $50,000 for each YA.

Businesses have the option to convert up to $100,000 of total qualifying expenditure into a 20% non-taxable cash payout in lieu of the tax deductions/allowances.

Enhancements

The EIS will be enhanced for YA 2027 and YA 2028 to support businesses adopting AI through:

1. The expansion of the list of partner institutions to include the Sectoral AI Centre of Excellence for Manufacturing.
2. The introduction of an additional qualifying activity for qualifying AI expenditures.

Business can claim 400% tax deductions/allowances, capped at $50,000 of qualifying AI expenditures incurred for each YA. However, the option of converting qualifying expenditure into a cash payout will not be available for this new qualifying activity.

More details will be provided by mid-2026 (Inland Revenue Authority of Singapore).

Extension of Withholding Tax (WHT) exemptions for the financial sector

Interest payments made to non-resident persons are generally subject to WHT (domestic rate being 15%).

A range of WHT exemptions is available to financial institutions (FIs) for payments made under specific types of financial transactions.

WHT exemptions for the following payments made by FIs to non-resident persons (excluding permanent establishments in Singapore) which are scheduled to lapse after 31 December 2026, will be extended to 31 December 2031:

1. All Section 12(6) payments made by specified entities for the purpose of their trade or business. Specified entities are also not required to withhold tax on all Section 12(6) payments made to permanent establishments in Singapore;
2. Payments on structured products offered by FIs in Singapore;
3. Payments on over-the-counter financial derivatives made by qualifying FIs;
4. Payments made under cross currency swap transactions by Singapore swap counterparties to issuers of Singapore dollar debt securities;
5. Interest payments on margin deposits made under all derivatives contracts by approved exchanges, approved clearing houses, members of approved exchanges and members of approved clearing houses;
6. Specified payments made under securities lending or repurchase agreements by specified institutions; and
7. Payments made under interest rate or currency swap transactions by Monetary Authority of Singapore.

More details will be provided by 2Q 2026 (Monetary Authority of Singapore).

Extension and enhancements to the Finance and Treasury Centre (FTC) incentive

Approved FTCs are eligible for:

1. Concessionary tax rate of 8% or 10% on qualifying income
2. WHT exemption on interest payments on loans used for qualifying activities or services

The incentive which is scheduled to lapse after 31 December 2026 will be extended to 31 December 2031.

The scope of the WHT exemption will also be expanded to include interest-like borrowing costs for loans used for qualifying activities or services. This applies to payments made on or after 13 February 2026.

Details are on the Economic Development Board website.

Extension and enhancement of the Global Trader Programme (GTP)

Approved GTP companies are eligible for concessionary tax rate of 5%, 10% or 15% on income from qualifying transactions in qualifying commodities.

The incentive which is scheduled to lapse after 31 December 2026 will be extended to 31 December 2031.

The list of qualifying commodities will be expanded to include Environmental Attribute Certificates from 13 February 2026.

More details will be provided by 2Q 2026 (Enterprise Singapore).

Extension of the Not-for-Profit Organization Tax Incentive (NPOTI)

The NPOTI provides tax exemption on the income derived by an approved NPO.

The incentive (scheduled to lapse after 31 December 2027) will be extended to 31 December 2032.

Extension of the 250% tax deduction for qualifying donations

Donors are eligible for a 250% tax deduction for qualifying donations made to Institutions of a Public Character (“IPCs”) and eligible institutions.

The tax deduction (scheduled to lapse after 31 December 2026) will be extended to qualifying local donations made from 1 January 2027 to 31 December 2029.

Extension of the Corporate Volunteer Scheme (CVS)

All businesses carrying on a trade or business in Singapore can claim 250% tax deductions on qualifying expenditure (such as wages) incurred in respect of:

1. Sending their qualifying employees to volunteer at or to provide services to IPCs; or
2. Seconding their qualifying employees to IPCs.

From 1 January 2024, the qualifying expenditure is subject to an annual cap of $250,000 per business per YA and $100,000 per IPC per Calendar Year.

The tax deduction (scheduled to lapse after 31 December 2026) will be extended to qualifying expenditure incurred from 1 January 2027 to 31 December 2029.

Allow tax deduction for CPF top ups made by platform operators

Whilst employers can claim tax deduction for CPF cash to-ups made on behalf of employees under the Voluntary Contributions to MediSave Account scheme (VC-MA), platform operators currently cannot do the same for CPF cash top-ups made on behalf of platform workers.

To encourage platform operators to make CPF cash top-ups on behalf of their platform workers (who are eligible for the Matched MediSave Scheme), platform operators will be allowed to claim tax deduction for CPF cash top-ups made on behalf of their platform workers under the VC-MA.

Tax deductions will be available from YA 2027 for CPF cash top-ups made from 1 January 2026.

Lapse of the Investment Allowance for Emissions Reduction (IA-ER) Scheme

Investment allowance can be granted to companies for capital expenditure incurred for approved projects that improve energy efficiency or reduce greenhouse gas emissions under the IA-ER scheme.

The scheme will lapse after 31 December 2026.

Lapse of Double Tax Deduction for qualifying upfront costs attributable to rated retail bonds

A 200% tax deduction on qualifying upfront costs incurred on or after 19 May 2021 that are attributable to rated retail bonds issued from 19 May 2021 to 31 December 2026 (both dates inclusive) can be claimed by bond issuers that are carrying on a trade or business in Singapore under the Seasoning Framework and Exempt Bond Issuer Framework.

The scheme will lapse after 31 December 2026.

The post Budget 2026 – Summary of Key Tax Changes appeared first on MHSG.

Budget 2025 – Summary of Key Changes

admin_mhsg — Thu, 01 Jan 2026 10:40:02 +0000

The 2025 Singapore Budget Speech with the theme of onward together for a better tomorrow was delivered by the Prime Minister and Minister of Finance, Mr Lawrence Wong on 18 Feb 2025.

This year marks Singapore’s 60th year of independence and challenges in the form of economic and trade barriers loom. Amidst these challenges and the constraints on infrastructure and resources, the 2025 Budget sets out measures to address cost pressures, advance growth, equip workers through lifelong learning and build a sustainable city.

The tax-related key changes are set out below.

Key Changes for Businesses

General

Corporate Income Tax (CIT) Rebate and Cash Grant for YA 2025

To support companies’ cash flow needs, a CIT rebate of 50% of tax payable after deducting any applicable CIT rebate cash grant, will be granted in YA 2025.

Active companies which have employed / made CPF contributions to at least one local (i.e. Singapore Citizen or Permanent Resident) employee in calendar year 2024 will receive a minimum S$2,000 CIT rebate cash grant. Shareholders who are also directors of the company are excluded from the definition of “local employees”.

The total maximum benefits from the CIT rebate and the CIT rebate grant that a company can receive is capped at S$40,000. These measures were also granted for YA 2024.

Enhance upfront certainty of non-taxation of companies’ disposal gains (Section 13W of ITA)

Broadly, apart from other conditions, Section 13W of the ITA provides that gains derived by companies from the disposal of ordinary shares will not be taxed if:

1. A minimum 20% level of shareholding is maintained in the investee company for a continuous period of at least 24 months before the disposal of any shares in the investee company;
2. Shares are disposed during the period from 1 Jun 2012 to 31 Dec 2027.

To provide greater certainty to companies, the above sunset clause will be removed, and the following enhancements will be made:

1. Expand the scope to include gains from the disposal of preference shares that are accounted for as equity by the investee company under applicable accounting principles; and
2. Allow the assessment of the shareholding condition to be done on a group basis.

These enhancements take effect for disposal gains derived on or after 1 Jan 2026.

Further details will be provided by 3Q 2025 (IRAS).

Land Intensification Allowance (LIA) scheme

The LIA scheme grants an approved recipient:

1. An initial allowance of 25% of the qualifying capital expenditure incurred on the qualifying building; and
2. An annual allowance of 5% of the qualifying capital expenditure incurred over 15 years, upon issuance of the temporary occupation permit for the completed building, subject to conditions.

At least 80% of the gross floor area of the qualifying building must be used by the approved recipient or its related users. To be considered related, the users must have at least (≥) 75% of their shareholdings held in common (or have entitlement to ≥ 75% of the income in the case of a partnership), whether directly or indirectly.

The LIA scheme which is scheduled to lapse after 31 Dec 2025, will be extended till 31 Dec 2030.

The above shareholding requirement will be lowered from “≥75%” to “> 50%” for LIA applications made from 1 Jan 2026.

Further details will be provided by 3Q 2025 (BCA and EDB).

Insurance Business Development (IBD) Scheme

Approved insurers and insurance brokers are granted a CTR of 10% on the relevant qualifying income under the IBD, IBD-Captive Insurance (IBD-CI) and IBD-Insurance Broking Business (IBD-IBB) schemes.

The IBD and IBD-CI schemes which are scheduled to lapse after 31 Dec 2025, will be extended till 31 Dec 2030.

An additional CTR tier of 15% will be introduced with effect from 19 Feb 2025 for the IBD, IBD-CI and IBD-IBB schemes.

Further details will be provided by 2Q 2025 (MAS).

Introduction of tax deduction for expenses related to the issuance of new shares

Currently, companies are allowed tax deduction for treasury shares or previously issued shares of the company or the holding company that are transferred to employees under Employee equity-based remuneration (EEBR) schemes.

No tax deductions are allowed where new shares are issued to employees under EEBR schemes.

Enhancements will be made such that companies will be allowed to claim a tax deduction on payments to the holding company or a Special Purpose Vehicle (SPV) for the issuance of new shares of the holding company under EEBR schemes.

Deduction will be the lower of:

1. The amount paid by the company; and
2. The fair market value (FMV), or net asset value of the shares (if the FMV is not readily available), at the time the shares are applied for the benefit of the employee

Less any amount payable by employees for the shares.

These changes take effect from YA 2026.

Further details will be provided by 3Q 2025 (IRAS).

Introduction of tax incentives recommended by Equities Market Review Group

The following tax incentives will be introduced to encourage new listings in Singapore and increase investment demand for Singapore listed equities. Applications to the relevant statutory boards are required and are subject to conditions:

a. New corporate listings in Singapore (EDB or ESG)

Companies and registered business trusts (qualifying entities) that are tax residents in Singapore may apply for a 10% or 20% Listing CIT Rebate. Rebate caps apply:

1. S$6mil per YA for qualifying entities with market capitalization of ≥ S$1bn; or
2. S$3mil per YA for qualifying entities with market capitalization of < S$1bn

Open for award until 31 Dec 2027.

b. New fund manager listings in Singapore (MAS)

Singapore fund managers may apply for the Enhanced Concessionary Tax Rate (CTR) of 5% on qualifying income introduced under the FSI-FM scheme for newly listed fund managers.

Open for award until 31 Dec 2028.

c. Fund managers’ qualifying income (MAS)

Singapore fund managers may apply for tax exemption on qualifying income arising from funds investing substantially in Singapore-listed equities

Open for award until 31 Dec 2028.

Introduction of an additional CTR tier of 15% for the Financial Sector Incentive (FSI) Scheme

Approved incentive recipients are eligible for a CTR of 10% or 13.5% on qualifying income (where applicable) under the FSI scheme.

An additional CTR tier of 15% will be introduced with effect from 19 Feb 2025 for the FSI-Standard Tier, FSI-Trustee Company and FSI-Headquarter Services schemes.

Further details will be provided by 2Q 2025 (MAS).

Extensions of certain tax incentives and concessions

a. Double Tax Deduction for Internationalisation (DTDi) scheme

Under the DTDi scheme, businesses are allowed a tax deduction of 200% on qualifying market expansion and investment development expenses.

Extended till 31 Dec 2030. Further details will be provided by 2Q 2025 (ESG).

b. Mergers and Acquisitions (M&A) scheme

Subject to conditions, the M&A scheme allows a Singapore company that makes a qualifying acquisition of the ordinary shares of another company to claim the following tax benefits:

1. An M&A allowance (to be written down over five years) that is based on 25% of up to S$40 mil of the value of all qualifying acquisitions per YA (i.e., S$10 million); and
2. 200% tax deduction on transaction costs (capped at S$100,000 per YA) incurred on qualifying acquisitions.

Extended till 31 Dec 2030.

Lapse of certain tax incentives and concessions

a. WHT concession for non-tax-resident arbitrators and mediators

The concessions will lapse after 31 Dec 2027.

b. Venture Capital Fund Incentive (VCFI) and Venture Capital Fund Management Incentive (FMI)

The concessions will lapse after 31 Dec 2025.

Maritime and Shipping

Maritime Sector Incentive (MSI)

Ship operators, maritime lessors and providers of certain shipping-related support services can enjoy various tax concessions by way of exemption, CTR or the alternative net tonnage basis of taxation, subject to conditions, under the following MSI sub-schemes:

a. MSI-Shipping Enterprise (Singapore Registry of Ships) (MSI-SRS);
b. MSI-Approved International Shipping Enterprise (MSI-AIS) Award
c. MSI-Maritime Leasing (Ship) (MSI-ML (Ship)) Award;
d. MSI-ML (Container) Award; and
e. MSI-Shipping-related Support Services (MSI-SSS) Award.

In addition, withholding tax (WHT) exemption is granted on qualifying payments made by qualifying MSI entities to non-tax-residents (excluding a permanent establishment in Singapore) in respect of qualifying financing arrangements entered into on or before 31 Dec 2026 to finance the construction or purchase of qualifying assets (e.g., ships, containers), subject to conditions.

The MSI-AIS for qualifying entry players, MSI-ML (Ship), MSI-ML (Container) and MSI-SSS schemes are scheduled to lapse after 31 Dec 2026.

The MSI will be extended till 31 Dec 2031. The WHT exemption will also be extended for qualifying payments made on qualifying financing arrangements entered into on or before 31 Dec 2031.

The following enhancements will be made with effect from 19 Feb 2025:

a. Expand the scope of prescribed ship management services under the MSI-SRS, MSI-AIS and MSI-SSS to include emission management services;
b. Expand the scope of offshore renewable energy activities under the MSI-SRS and MSI-AIS to cover the subsea distribution of renewable energy generated onshore;
c. Expand the scope of ships used for offshore renewable energy activities under the MSI-ML (Ship) to include ships that support subsea distribution of renewable energy generated onshore;
d. Allow assets leased-in from third parties under finance lease (FL) treated as sale agreements to be recognised as qualifying assets under the MSI-ML (Ship) and MSI-ML (Container) awards; and
e. Expand the scope of shipping-related support services under the MSI-SSS to include maritime technology services.

Further details will be provided by 2Q 2025 (MPA).

Introduction of an Approved Shipping Financing Arrangement (ASFA) Award

To support the ownership and management of ships and sea-containers from Singapore, the ASFA Award will be introduced.

The ASFA Award provides WHT exemption on interest and related payments made by approved entities to non-tax-resident lenders for qualifying arrangements entered into on or before 31 Dec 2031, to finance the purchase or construction of ships and containers.

Ship and container lease payments made to non-tax-resident lessors* under FL agreements for ASFA Award recipients will also be exempted from WHT.
* Excluding payments derived from any operation carried on by the non-tax-resident through its permanent establishment in Singapore.

The ASFA Award will be administered by MPA and be introduced with effect from 19 Feb 2025.

Further details will be provided by 2Q 2025 (MPA).

Extensions of certain tax incentives and concessions

a. WHT exemption for container lease payments made to non-tax-resident lessors

Container lease payments made to non-tax-resident lessors* under Operating Lease (OL) agreements for the use of qualifying containers for the carriage of goods by sea are exempted from WHT.
* Excluding payments derived from any operation carried on by the non-tax-resident through its permanent establishment in Singapore.

This exemption which is scheduled to lapse after 31 Dec 2027, will be extended.

WHT exemption for container lease payments made to non-tax-resident lessors under OL agreements will be extended to agreements entered into on or before 31 Dec 2031.

b. WHT exemption for ship and container lease payments made to non-tax-resident lessors

Ship and container lease payments made to non-tax-resident lessors under FL agreements for specified MSI recipients are exempted from WHT.
* Excluding payments derived from any operation carried on by the non-tax-resident through its permanent establishment in Singapore

This exemption which is scheduled to lapse after 31 Dec 2028, will be extended.

WHT exemption for ship and container lease payments made by specified MSI recipients to non-tax-resident lessors under FL agreements will be extended to agreements entered into on or before 31 Dec 2031.

Real Estate

Real Estate Investment Trusts listed on the Singapore Exchange (S-REITs)

The following income tax concessions are granted to S-REITs and their investors:

a. Tax transparency on specified income in the hands of the trustee of the S-REIT if the trustee distributes at least 90% of its specified income to unitholders in the same year that the income is derived by the trustee;
b. Tax exemption on qualifying foreign-sourced income received by S-REITs, S-REITs’ wholly-owned Singapore sub-trusts, and S-REITs’ directly or indirectly held wholly-owned companies incorporated and tax resident in Singapore (FSIE-REIT), subject to conditions;
c. Tax exemption on S-REITs distributions received by individuals, excluding those who derive the distributions through a partnership in Singapore or from the carrying on of a trade, business or profession; and
d. Final withholding tax (WHT) rate of 10% for S-REITs distributions received by qualifying non-tax-resident non-individuals and qualifying non-tax-resident funds.

Tax concessions at b) and d) which are scheduled to lapse after 31 Dec 2025, will be extended till 31 Dec 2030. The following enhancements will be made:

a. Expanded scope of specified income for the tax transparency treatment, to include all co-location and co-working income derived from 1 Jul 2025;
b. For FSIE-REIT the following refinements will be introduced from 19 Feb 2025:

1. 1. Qualifying foreign-sourced income will include rental and ancillary income received in Singapore from 19 Feb 2025, subject to conditions;
  2. The requirement for wholly-owned companies of S-REITs to be incorporated in Singapore will be removed. The wholly-owned companies must still be Singapore tax residents to qualify for the concession;
  3. Repayment of shareholder loans and return of capital will now be recognised as qualifying modes of remittance for wholly-owned Singapore sub-trusts and wholly-owned Singapore tax resident companies to pass remitted income through to S-REITs; and
  4. Singapore sub-trusts will be allowed to deduct other operational expenses against their income before passing the remaining amount to S-REITs.

Further details will be provided by 2Q 2025 (IRAS)

Extensions of certain tax incentives and concessions

a. Real Estate Investment Trust Exchange-Traded Funds listed on the Singapore Exchange

The following income tax concessions are granted to S-REIT ETFs and their investors:

1. Tax transparency in the hands of the trustee of S-REIT ETFs on distributions received by S-REIT ETFs from S-REITs, which are paid out of the latter’s specified income;
2. Tax exemption on such S-REIT ETFs distributions received by individuals, excluding those who derive S-REIT ETFs distributions through a partnership in Singapore or from the carrying on of a trade, business or profession; and
3. Final WHT rate of 10% for S-REIT ETFs distributions received by qualifying non-tax-resident non-individuals and qualifying non-tax-resident funds.

Tax concessions at i. and iii. are scheduled to lapse after 31 Dec 2025. The sunset date for concession at i. will removed. The tax concession at iii. will be extended till 31 Dec 2030.

Further details will be provided by 2Q 2025 (MAS)

b. GST remission for S-REITS and Singapore-listed Registered Business Trusts (RBTs)

GST remission is granted to S-REITs and RBTs in the infrastructure business, ship leasing and aircraft leasing sectors, to allow them to claim input GST on the following, subject to conditions:

1. Their business expenses, regardless of whether they hold underlying assets directly or indirectly through multi-tiered structures such as SPVs or sub-trusts;
2. Their business expenses incurred to set up SPVs that are used solely to raise funds for the S-REITs or RBTs, and that do not hold qualifying assets of the S-REITs or RBTs, directly or indirectly; and
3. Business expenses of financing SPVs mentioned in ii.

The GST remission which is scheduled to lapse after 31 Dec 2025, will be extended till 31 Dec 2030.

Key Changes for Individuals

Personal Income Tax (PIT) Rebate for YA 2025

A PIT Rebate of 60% of tax payable will be provided to all tax resident individuals for YA 2025. The rebate will be capped at S$200 per taxpayer.

Removal of certain CPF Cash Top-Up Relief

The Government will introduce a five-year Matched MediSave Scheme (MMSS) from Jan 2026, to boost MediSave adequacy for seniors with lower balances. Eligibility is subject to conditions.

Under the MMSS, the Government will match every dollar of voluntary cash top-ups to the MediSave Account of eligible CPF members, up to an annual cap of S$1,000.

Tax resident CPF members may, subject to conditions, enjoy CPF Cash Top-Up Relief for cash top-ups made to the following accounts which are their own or their eligible loved ones’:

a. Retirement Account (RA) and / or Special Account (SA) (excluding any amount of cash top-ups that attract a matching grant under the Matched Retirement Savings Scheme (MRSS)); and
b. MediSave Account (MA).

However, cash top-ups made from 1 Jan 2026 to the MA of a MMSS-eligible CPF member that attract the MMSS matching grant will not entitle the giver to the CPF Cash Top-Up Relief.

A giver may continue to enjoy tax relief of up to S$16,000 per year for eligible CPF cash top-ups that do not attract the MMSS or MRSS matching grant. The maximum amount of CPF Cash Top-Up Relief is S$8,000 per year for cash top-ups to the giver’s own SA, RA or MA, and another S$8,000 per year for cash top-ups to such accounts of the giver’s loved ones.

The post Budget 2025 – Summary of Key Changes appeared first on MHSG.