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23TIMESBUSINESSDIRECTORYOFSINGAPORE2024/2025GOVERNMENTDEVELOPMENTASSISTANCEPROGRAMMESFormoreinformationpleasevisithttps//wwwgobusinessgovsg/gov-assist/FORALLSECTORSProgrammesDescriptionCorporateIncomeTaxRebate50%CorporateIncomeTaxRebateforcompaniesintheYearofAssessment2024cappedat$40000Minimumcashpayoutof$2000forsmallercompaniesthatemployatleastonelocalemployeeCorporateVolunteerScheme(CVS)UndertheCVSbusinessesenjoy250%taxdeductiononwagesandqualifyingexpenseswhentheirstaffvolunteerorprovideservicestoIPCsincludingthroughsecondmentsQualifyingexpenditureissubjecttoacapof$250000perbusinessperYAandacapof$100000perIPCperCY.TheCVS(previouslyknownasBusinessandIPCPartnershipScheme)wasextendedbythreeyearstoend-2026DoubleTaxDeductionforInternationalisation(DTDi)CompaniesplanningtoexpandoverseascanbenefitfromtheDTDiwitha200%taxdeductiononeligibleexpensesforinternationalmarketexpansionandinvestmentdevelopmentactivitiesEnterpriseInnovationSchemeEnhanceddeductionsforR&DinnovationandcapabilitydevelopmentactivitieswiththeoptiontopartiallyconverttoacashpayoutinlieuoftaxdeductionsHand-CarriedExportsScheme(HCES)HCESisapplicableifyouwishtozero-rateyoursuppliestooverseascustomersforgoodshand-carriedoutofSingaporeviaChangiInternationalAirportMajorExportersScheme(MES)UnderMESGSTonnon-dutiablegoodsissuspendedatthepointofimportandalsowhenthegoodsareremovedfromZeroGSTwarehousesRefundableInvestmentCreditSupportqualified firmsindevelopinghigh-valueandsubstantiveeconomicactivitiesinkeysectorsandnewgrowthareasinSingaporeFORSPECIFICSECTORSSectorProgrammesDescriptionAerospaceApprovedImportGSTSuspensionSchemeUnderAISSGST-registeredbusinessesintheaerospaceindustryenjoyaddedimportGSTsuspensionbenefitsforqualifyingaircraftpartsLogisticsApprovedThirdPartyLogistics(3PL)CompanySchemeApprovedlogisticscompaniesthatprovidelogisticsmanagementservicestooverseasclientsdonotneedtopayimportGSTorchargeGSTonthesuppliesoftheiroverseasclientsgoodsundercertaincircumstancesManufacturingandEngineeringApprovedContractManufacturerandTradeSchemeContractmanufacturers and tradersneednot account forGSTon value addedactivitiessuppliedtonon-GSTregisteredoverseascustomersoroverseaspersonsregisteredundertheOVRregimeasapay-onlypersonTAXINCENTIVES
