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Resilience Budget: 3-Month Income Tax Deferment For Businesses, Self-Employed People

As part of his measures to help businesses overcome immediate challenges in the landscape of the COVID-19 pandemic, Finance Minister Heng announced an immediate deferment of income tax payment.

Companies will not pay income tax in the months of April, May and June 2020, and only continue making payments in July 2020.

Since the payment cycle of personal income tax for self-employed people and freelancers usually starts in May, their income tax payment will be deferred for the months of May, June and July 2020. Their payments will resume in August 2020.

No application is needed for this income tax deferment, and Minister Heng added that companies can approach the Inland Revenue Authority of Singapore (IRAS) if they require more support.

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