Singapore: Stricter penalties for tax avoidance

Singapore has introduced a 50 percent surcharge for tax avoidance. According to the new rules, the surcharge will take effect when the Comptroller of Income Tax (CIT) imposes a tax liability on a person under the proposed section 33, or when it recalculates any gains, profit, loss, capital allowance or deductions for donations made by an individual. The fine must be paid no later than one month after written notice is served to the taxpayer, regardless of any objection or appeal. The measure will take effect from the 2023 tax year.