SMS Indranee speech on second reading of the income tax (amendment no. 3) bill 2016 covering tax changes announced in the 2016 Budget Statement: - Corporate Income Tax rebate will be raised from 30% to 50% of tax payable, with a cap of $20,000 rebate each year for Years of Assessment 2016 and 2017 - Thw mergers and acquisitions (“M&As”) scheme was enhanced to allow the 25% tax allowance on the first $40 million of the cost of qualifying share acquisitions incurred each year, up from $20 million - non-taxation of companies’ gains on disposal of their equity investments has been extended until 31 May 2022 - Double Tax Deduction for Internationalisation scheme has been extended till 31 March 2020 - the total amount of personal income tax reliefs an individual can claim will be capped at $80,000 per Year of Assessment - 250% tax deduction on qualifying expenditure incurred under the Business and Institutions of a Public Character (“IPCs”) Partnership Scheme - implementation of Country-by-Country Reporting - delink the income tax relief limit for CPF cash top-ups from the CPF top-up limit from 1 January 2016 - grant tax deduction of up to 200% for qualifying expenditure incurred on qualifying retail bonds issued from 19 May 2016 to 18 May 2021