The Budget for 2014 was presented to Parliament by the Finance Minister on 21 February 2014. Details of the Budget, which unless otherwise indicated will apply from the year of assessment (YA) 2015, are summarized below. Direct taxation (a) Corporate taxation - Basel III Additional Tier 1 instruments (other than shares) issued by Singapore-incorporated banks will be treated as debt for tax purposes, i.e. distributions will be deductible for the issuer and taxable for investors. The tax treatment will apply to distributions accrued in the basis period for YA 2015 and thereafter. Further details will be released by the Monetary...