Budget 2013: Tax professionals want more tax reliefs

Budget 2013: Tax professionals want more tax reliefs

SINGAPORE - Cash top-up reliefs for Medisave accounts and maid levy reliefs for people caring for aged parents - these are a just couple of items on the Budget wish list for tax professionals in Singapore.

According to the wish list released by the Singapore Institute of Accredited Tax Professionals (SIATP) on Wednesday, tax professionals across various industries would like to see various reliefs extended to more individuals.

This includes CPF top-up reliefs for Medisave accounts, foreign maid levy reliefs for people caring for aged parents, and tax relief for tourists departing Singapore by land transport.

On the business front, the SIATP has proposed that tax deductions on training expenses be extended to individual business owners to encourage skill and knowledge upgrading.

The institute also said that the current tax concession for companies which have set up their headquarters here should be increased to attract more companies to set up their regional headquarters in Singapore.

More details are available in the press release below:

Ahead of the Budget Debate, the Singapore Institute of Accredited Tax Professionals (SIATP) has gathered feedback from its members on the proposed changes they wish to see in Budget 2013.

The SIATP Budget Wish List is developed based on comments from SIATP members, comprising tax professionals from various industries ranging from accounting firms, law firms, educational institutes and commercial sector.

Set up in May 2010, Singapore Institute of Accredited Tax Professionals (SIATP) is the first dedicated accreditation body for tax professionals. It aims to promote tax practice standards, heighten the recognition of the tax profession and cater to the market's need for tax specialists with highly advanced technical knowledge, skill sets and industry-recognised credentials.

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