Proposed Bills Aim to Enhance Legal Training, Tax Incentives, and CPF Administration
Singapore’s Parliament has introduced three amendment bills aimed at refining the professional training framework for lawyers, expanding tax relief measures, and making administrative adjustments to the Central Provident Fund (CPF) system.
The Legal Profession (Amendment) Bill seeks to implement long-delayed recommendations for legal training reforms, including extending the practice training period from six months to a year and granting limited practice rights to trainees after six months.
The Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill aims to extend approval periods for certain tax incentive schemes and grant the Ministers of Finance and Trade & Industry greater authority in their administration. The bill also includes amendments to the Income Tax Act 1947 to align with these changes.
The Central Provident Fund (Amendment) Bill proposes administrative revisions, including restricting CPF schemes mainly to citizens and permanent residents, allowing the CPF Board to disclose relevant information to beneficiaries after a member’s death, and clarifying the types of transactions the board can process for deceased members.
The two financial-related bills will involve public spending, with further details expected when they are read for the second time in Parliament.
