On 24 March 2016, Singapore's Minister for Finance Heng Swee Keat delivered the Budget 2016 to parliament. The main tax-related changes include:

• Increasing the corporate income tax rebate from 30% to 50% for years of assessment (YA) 2016 and 2017, with a rebate cap of SGD 20,000;
• Introducing a 100% investment allowance for qualifying automation investment capped at SGD 10 million per project;
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