Singapore published the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2024 in the Official Gazette on 10 December 2024. It introduces a new 15% Concessionary Tax Rate (CTR) under the Development and Expansion Incentive (DEI), effective from 17 February 2024.
The 15% CTR will be available alongside the existing 5% and 10% rates, applying to qualifying expansion income earned from 1 January 2024.
This incentive targets companies whose pioneer status has expired and are making capital investments to upgrade or modernise production.
Earlier, The Singapore Parliament passed the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2024.
The Economic Expansion Incentives (Relief from Income Tax) Act, first introduced in 1967 and amended multiple times since, is designed to encourage companies to enhance their capabilities and undertake new or expanded activities in Singapore.
