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Resilience Budget: Income tax payments for companies and self-employed deferred for 3 months
INCOME tax payments for both companies and self-employed persons will be automatically deferred for three months as the government seeks to ease cash flow worries of businesses amid the novel coronavirus pandemic, Deputy Prime Minister and Finance Minister Heng Swee Keat said on Thursday.
For companies, their income tax payments due in April, May and June 2020 will be deferred, Mr Heng said during his Resilience Budget speech in Parliament. This means that income tax payments will only be payable from July 2020.
For self-employed persons, the payment cycle for personal income tax for the Year of Assessment 2020 generally starts in 2020. Mr Heng said the income tax payments due in May, June and July 2020 will be deferred, which means payments will only start from August 2020.