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Singapore
Taxation of CPF contributions for foreigners
The Singapore government has recently announced that with effect from 1 January 1999 foreigners currently participating in the Central Provident Fund (CPF) will no longer be eligible for a tax deduction on their contributions, thus removing the tax advantage in using the CPF to provide retirement benefits to foreigners. Employers will now have yet another reason to set up their own retirement plan, as Inland Revenue approved plans enjoy tax deductibility on employer contributions and tax-free build up of plan assets.
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