Starting the 1st of January 2015, Singapore citizens living in Housing and Development Board (HDB) homes will benefit from lower property tax rates. The same measure was adopted in 2014. Owners of one and two-room HDB apartments will be exempt from paying the property tax in Singapore in 2015 because of the low annual values of the apartments that remain below the 8,000 SGD threshold. Apartments with higher annual values will benefit from reduced tax rates in 2015 compared to 2014.
Singapore Refining Company has gathered several local companies that have reached 40% productivity savings per year. The partnership gathered Singapore companies in the process, construction and maintenance sector in order to improve productivity. Starting 2011 the productivity has reached approximately 52, 000 hours savings per year.
After adopting the international standard for exchange of information on taxes, also known as the EOI (Expression of Interest) Standard, Singapore has taken a step towards amending its legislation on taxes for the Group Requests. The new amendments brought to the Singapore taxation system have been added at the end of November 2014.
Singapore and the United States have signed a Foreign Account Tax Compliance Act (FATCA) at the end of 2014 following the Intergovernmental Agreement (IGA) initiated in May 2014. FATCA was enabled in 2010 and ratified in 2014 by the U.S. government in order to gain access to information on bank account held by U.S. citizens in other countries. A foreign country not disclosing tax information may lead to a 30% withholding tax applied to U.S. citizens with bank accounts in the respective countries. Based on this IGA, Singapore has become the first ASEAN (Association of Southeast Asian Nations) city-state to sign an agreement on exchange of tax information with the United States. Singapore has good economic relations with the United States based on double taxation agreements.