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Singapore enacts Finance (Income Taxes) Act 2026 with corporate tax relief and Pillar Two changes

The new law implements Budget 2026 tax measures and amends the minimum tax framework, affecting companies and individual taxpayers operating in Singapore.

Photo: Cyrill, Pexels

What happened

Singapore published the Finance (Income Taxes) Act 2026 in the Official Gazette on 6 November 2026. Regfollower The Act introduces measures to implement the tax changes announced in Budget 2026, along with several amendments and additional provisions. Regfollower The Act includes a 50% corporate tax remission, enhanced deductions for AI expenditure, changes to individual taxation and amendments to the Pillar Two framework. Regfollower The Bill was passed by Parliament on 6 October 2026 after its first reading on 8 September 2026. Legal 500

Around it

The Act primarily amends the Income Tax Act 1947 and the Multinational Enterprise (Minimum Tax) Act 2024, and makes related changes to the Economic Expansion Incentives Act 1967, Goods and Services Tax Act 1993 and Property Tax Act 1960. Regfollower The Bill seeks to amend the Multinational Enterprise (Minimum Tax) Act 2024 to comply with the latest Pillar Two global minimum tax rules and to simplify tax filing for taxpayers. Legal 500 The Act was assented to by President Tharman Shanmugaratnam on 29 October 2026. Regfollower

Sources

  1. RegfollowerSingapore gazettes Finance Act 2026 with corporate tax
  2. Legal 500LegisWatch --> Finance (Income Taxes) Bill 2026 Passed In Parliament

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