Singapore Budget 2019 puts some tax breaks out to pasture

Singapore

SEVERAL tax incentive schemes have been allowed to lapse after they were reviewed for relevance by the Ministry of Finance, as part of the Budget package delivered on Monday.

These included a property tax boon for tourism projects, the designated unit trust and approved unit trust schemes for investors, and the "not ordinarily resident" (NOR) scheme for high-skilled foreigners.

The tweaks, said Finance Minister Heng Swee Keat in his speech, are "to further enhance the progressivity and resilience of our tax system".

Tax professionals think that, with various industry alternatives in p…