By Paul Smit-Oracle on Apr 01, 2016
Minister for Finance, Singapore, has delivered the FY2016 Budget Statement in the Parliament on 24 March 2016. There are two announcements that require changes to PeopleSoft Global Payroll for Singapore:
The Government has deferred levy increases for Work Permit holders in “Marine” and “Process” sectors while for all the other sectors, Government has decided to proceed with the levy increases announced last year in Budget 2015. Hence the previously proposed increase in levy rates for Marine and Process sectors effective 1st July 2016 will not take effect and the rates from 2015 will be continued. There will be no change to Work Permit levies in the Manufacturing sector as announced in Budget 2015.
The second change is related to the Year-end tax reporting, where it is proposed to remove the tax concession on home leave passages for expatriate employees, while reporting under Appendix 8A. Further information is awaited from IRAS on the specifics of the change post which information on patch availability will be posted.
Our Position Statement has been revised to include these legislative updates and the delivery timelines, where appropriate. We advise customers to review our position statement to keep up-to-date. The Position Statement can be found on My Oracle Support, Document ID 2117537.1.