Executive summarySingapore’s Income Tax (Amendment) Act 2021 (the Amendment Act) was passed by the Singapore Parliament on 5 October 2021 and gazetted on 16 November 2021.The Amendment Act gives legislative effect to the Budget 2021 tax changes, as well as non-Budget changes arising from the periodic review of Singapore’s income tax system.This Alert summarizes the key tax changes pursuant to the Amendment Act. Unless otherwise specified, the amendments have taken effect from 16 November 2021, i.e., the date on which the Amendment Act was gazetted.Detailed discussionThe tax changes announced in Budget 2021 include:Extending the option to accelerate a capital allowance...