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Ministry of Finance (MOF)
Public Consultations

Summary of Responses to Public Consultation on the Proposed Finance (Income Taxes) Bill 2026

Topics

Tax-Related (Income Tax)

2 September 2026

  1. The Ministry of Finance (“MOF”) invited the public to provide feedback on the proposed Finance (Income Taxes) Bill 2026 from 8 June to 1 July 2026.

  1. The proposed Bill covered amendments to the:

    1. Income Tax Act 1947 (“ITA”) to effect tax measures announced in the 2026 Budget Statement as well as changes arising from MOF’s periodic review of Singapore’s income tax system; and

    2. Multinational Enterprise (Minimum Tax) Act 2024 (“MMTA”) to implement changes related to the Pillar Two Global Anti-Base Erosion (“GloBE”) Model Rules.

  2. The key feedback received on the proposed amendments to the ITA pertained to:

    1. Enhancement of the Enterprise Innovation Scheme (“EIS”) to support businesses in adopting Artificial Intelligence (“AI”);

    2. Requirement for companies to use IRAS’ e-service to file objections and revisions to their tax assessments; and

    3. Standardisation and extension of the timeline for appeals against Board of Review decisions to the General Division of the High Court.

  3. The key feedback received on the proposed amendments to the MMTA pertained to Singapore’s implementation of the GloBE information return exchange framework.

  4. MOF’s responses to the key feedback are in the Annex [PDF, 90.33 KB] (opens in new tab).

  5. We thank all respondents for their feedback.