New Tax Rebate For Overseas Employees

In a move that is expected to boost the competitiveness of Singapore companies, the Government will be introducing a new tax rebate for overseas employees, starting in 2024. Under the scheme, companies with annual revenues of less than S$10 million will be able to claim a tax rebate of up to 15 per cent on their employee’s salaries.

The new rebate will be in addition to existing tax incentives, such as the Foreign Workers’ Remittance Subsidy, which offers employers a 25 per cent rebate on their employees’ remuneration up to S$20,000. It is a part of the new measures that will also include tax incentives for small and medium-sized enterprises and businesses in the information technology sector, as well as an enhanced tax deduction for investment in R&D and innovation.

Celebrities including Oscar winner Cate Blanchett and actor Donnie Yen joined Britain’s Prince William in Singapore on Tuesday for the third Earthshot prize ceremony. The awards recognise innovations that address key societal challenges, with the winners tackling issues such as climate change and ocean revival.

Several books about the lives of average Singaporeans took centre stage in this year’s shortlist for the Singapore prize, which is open to both fiction and non-fiction. The prize was introduced in 2014 as part of the programmes to mark SG50 and is administered by National University of Singapore (NUS). The shortlist of six for the prize included a biography of one of the city’s most dangerous gangsters, Vincent Tong’s Sam Hua, who was responsible for several deaths.

A senior NUS advisor said there may be plans to expand the category of works that can qualify for the prize in future. Kishore Mahbubani, senior advisor (university and global relations), was a member of the jury panel that selected the winner this year — a book by archaeologist John Miksic on ancient artefacts found in Singapore. He added that he believes that there could be plans to extend the eligibility to include fictional works such as movies and comic books in the future.

He cited the movie 12 Years a Slave as an example, saying that sometimes history is better told through fictional works than through traditional academic books. “We might have to think about expanding the criteria for the prize so that we can recognise those kinds of work, as well.” The NUS advisor added that the intention is to ensure that all Singaporeans develop a deeper understanding of their country’s history. The prize is awarded annually. It is named after the country’s first Prime Minister, Lee Kuan Yew. The prize is supported by the NUS Department of History and the Lee Foundation. The money comes from donations by private individuals and corporations. It was first awarded in 2014 with a cash prize of S$500,000. It was donated by a new Singapore citizen, who wanted to remain anonymous. It has since grown to S$100,000, excluding this year’s winner. NUS is the first Asian university to have a prize dedicated solely to Singapore’s history.