Medinex Ltd. · SGX:OTX

Medinex — Investor Presentation (March 2023)

41 slides from Medinex's investor presentation, March 2023

  1. Slide 1: Budget 2023 Seminar: What Should SMEs Need to Know

    Medinex Limited Budget 2023 Seminar What Should SMEs Need to Know About the Budget 2023 COPYRIGHT 2023 © MEDINEX LIMITED

  2. Slide 2: Budget 2023

    Enterprise Innovation Scheme Workforce Policies Budget 2023 Corporate Income Tax Personal Income Tax Property Levy COPYRIGHT 2023 © MEDINEX LIMITED

  3. Slide 3: Enterprise Innovation Scheme

    Enhanced Tax Deduction for Staff Costs and Consumables Enterprise Enhanced Tax Deduction for Qualifying IP Registration Costs Innovation Enhanced Tax Allowance/Deduction for Acquisition & Licensing of Qualifying IP Rights Scheme Enhanced Tax Deduction for Qualifying Training Expenditure Tax Deductio

  4. Slide 4: Enhanced Tax Deduction for Staff Costs and Consumables Incurred on Qualifying R&D

    Enhanced Tax Deduction for Staff Costs and Consumables Incurred on Qualifying R & D Projects Conducted in Singapore Current deduction YA2024 to YA2028 Consumables 100% 400% Staff costs 150% 400% tax deduction for the first $400,000 of staff costs COPYRIGHT 2023 © MEDINEX LIMITED

  5. Slide 5: Enhanced Tax Deduction for Qualifying IP Registration Costs

    Enhanced Tax Deduction for Qualifying IP Registration Costs Current deduction YA2024 to YA2028 Fist $100,000 of 200% 400% tax deduction qualifying for the first $400,000 registration costs of qualifying IP Subsequent 100% registration costs qualifying IP registration costs COPYRIGHT 2023 © MEDINEX L

  6. Slide 6: Enhanced Tax Allowance/Deduction for Acquisition and Licensing of Qualifying IP rights

    Enhanced Tax Allowance/Deduction for Acquisition and Licensing of Qualifying IP rights Current deduction YA2024 to YA2028 Fist $100,000 expenditure on 200% 400% tax deduction for the first acquisition/licensing of $400,000 of qualifying qualifying IP rights expenditure on the acquisition Subsequent

  7. Slide 7: Enhanced Tax Deduction for Qualifying Training Expenditure

    Enhanced Tax Deduction for Qualifying Training Expenditure Current deduction YA2024 to YA2028 Qualifying training 100% 400% tax deduction for the first expenditure $400,000 of qualifying training expenditure* * Courses that are eligible for SkillsFuture Singapore Funding and aligned with Skills Fram

  8. Slide 8: Tax Deduction for Innovation Projects

    Tax Deduction for Innovation Projects Encourage businesses to tap on existing technical and innovation capabilities within the polytechnics, the ITE or other qualifying partners (“Partner Institutions) • 400% tax deduction for up to $50,000 of qualifying innovation expenditure incurred on qualifying

  9. Slide 9: Tax Deduction for Innovation Projects (cont'd)

    Tax Deduction for Innovation Projects (cont’d) PARTNER INSTITUTIONS: • Polytechnics • Institute of Technical Education • Precision Engineering Centre of Innovation at A*STAR SIMTech QUALIFYING INNOVATION PROJECTS: a. Research and experimental development activities; b. Engineering, design and other

  10. Slide 10: Cash Conversion

    Cash Conversion CONVERT TOTAL QUALIFYING EXPENDITURE ACROSS ALL QUALIFYING ACTIVITIES TO CASH: • Convert 20% of qualifying expenditure (up to $100,000) to cash • Cap at $20,000 per YA ELIGIBLE BUSINESSES: a. Companies, registered business trusts, partnership and sole-proprietorships; b. At least 3 f

  11. Slide 11: Enterprise Development Grant

    Core Capabilities e.g., HR, Branding, Financial Management Enterprise Development Innovation & Productivity Grant Market Access COPYRIGHT 2023 © MEDINEX LIMITED

  12. Slide 12: EDG

    EDG The Enterprise Development Grant (EDG) aims to help Singapore companies grow and transform. • For the Food Services and Retail sectors, the EDG support level will be at up to 80% from 1 April 2022 to 31 March 2023. • For other sectors, SMEs can receive up to 50% support for EDG wef 1 April 2023.

  13. Slide 13: Workforce Policies

    CPF Rates Workforce Policies Progressive Wage Credit Scheme Paternity Leave & Infant Care Leave COPYRIGHT 2023 © MEDINEX LIMITED

  14. Slide 14: CPF Contribution for Senior Workers

    CPF Contribution for Senior Workers CPF contribution rates from 1 Jan 2023 onwards CPF Contribution Rates CPF Transition Age Band Total Employer Employee Offset ≤ 55 No Change > 55 𝑡𝑜 60 29.50% 14.50% 15.00% 0.25% > 60 𝑡𝑜 65 20.50% 11.00% 9.50% 0. 5% > 65 𝑡𝑜 70 15.50% 8.50% 7.00% 0.25% > 70…

  15. Slide 15: CPF Contribution for Senior Workers

    CPF Contribution for Senior Workers CPF contribution rates from 1 Jan 2024 onwards CPF Contribution Rates CPF Transition Age Band Total Employer Employee Offset ≤ 55 No Change > 55 𝑡𝑜 60 31.0% 15.0% 16.00% 0.25% (+1.50%) (+0.50%) +(1.0%) > 60 𝑡𝑜 65 22.0% 11.5% 10.50% 0. 25% (+1.50%) (+0.50%)…

  16. Slide 16: Increase in CPF Monthly Salary Ceiling

    Increase in CPF Monthly Salary Ceiling Current CPF monthly salary ceiling is $6,000 CPF Monthly Salary Ceiling CPF Annual Salary Ceiling Current $6,000 $102,000 From 1 Sep 2023 $6,300 (17 months x $6,000) From 1 Jan 2024 $6,800 From 1 Jan 2025 $7,400 From 1 Jan 2026 $8,000 COPYRIGHT 2023 © MEDINEX L

  17. Slide 17: Increase in CPF Monthly Salary Ceiling (Illustration)

    Increase in CPF Monthly Salary Ceiling (Illustration) Salary = $8,000 CPF Monthly Salary Employee (20%) Employer Ceiling (17%) Current $6,000 $1,200 $1,020 From 1 Sep 2023 $6,300 $1,260 $1,071 From 1 Jan 2024 $6,800 $1,360 $1,156 From 1 Jan 2025 $7,400 $1,480 $1,258 From 1 Jan 2026 $8,000 $1,600 $1,

  18. Slide 18: Progressive Wage Credit Scheme (PWCS)

    Progressive Wage Credit Scheme (PWCS) Co-funding of wage increases for low-wage workers between 2022 to 2026. Gross monthly wage of up to $2,500 Additional tier of support with gross monthly wages above $2,500 to $3,000 Average gross monthly wage increase must be at least $100 Co-fund wage increases

  19. Slide 19: Progressive Wage Credit Scheme (PWCS)

    Progressive Wage Credit Scheme (PWCS) Businesses will automatically qualify if you give wage increases to resident employees who: 1. Received CPF contributions from a single employer for at least 3 calendar months in the preceding year, 2. Have been on the firm’s payroll for at least 3 calendar mont

  20. Slide 20: Progressive Wage Credit Scheme (PWCS)

    Progressive Wage Credit Scheme (PWCS) First Tier Second Tier Qualifying Year Payout Period Gross Monthly Wage Ceiling Gross Monthly Wage Ceiling > ≤ $2,500 $2,500 and ≤ $3,000 2022 Q1 2023 50% (75%) 30% (45%) 2023 Q1 2024 50% (75%) 30% (45%) 2024 Q1 2025 30% 15% 2025 Q1 2026 30% 2026 Q1 2027 15% COP

  21. Slide 21: Employee earning $1,800 per month in 2021: PWCS example

    Employee who earned $1,800 per month in 2021, and experiences average gross monthly wage increase of $100 in January of each year 2021 2022 2023 2024 2025 2026 Average Gross $1,800 $1,900 $2,000 $2,100 $2,200 $2,300 Monthly Wage PWCS Co-Funding Level - 75% 75% 30% 30% 15% Wage Increase - $100 $200 $

  22. Slide 22: Government-Paid Paternity Leave

    Government-Paid Paternity Leave - Eligible working fathers - Increase from 2 weeks to 4 weeks - Singaporean children born on or after 1 Jan 2024 Voluntary basis by Employer COPYRIGHT 2023 © MEDINEX LIMITED

  23. Slide 23: Unpaid Infant Care Leave

    Unpaid Infant Care Leave - Employee has worked for a continuous period of at least three months - Child aged under to 2 years old Current New (from 1 Jan 2024) Mother 6 days 12 days Father 6 days 12 days COPYRIGHT 2023 © MEDINEX LIMITED

  24. Slide 24: Corporate Income Tax

    Minimum Effective Tax Rate Corporate Encourage Philanthropy & Income Tax Volunteerism Accelerated Capital Allowance/Deduction COPYRIGHT 2023 © MEDINEX LIMITED

  25. Slide 25: Minimum Effective Tax Rate (METR)

    Minimum Effective Tax Rate (METR) Pillar 2 Global Anti-Base Erosion rules of the BEPS 2.0 METR will top up MNE group’s effective tax rate in Singapore to 15% MNE with group annual revenues of at least 750m Plan to implement on or after1 January 2025 COPYRIGHT 2023 © MEDINEX LIMITED

  26. Slide 26: Encourage Philanthropy & Volunteerism

    Encourage Philanthropy & Volunteerism Extension of the 250% tax deduction for qualifying donations to Institute of Public Character (IPC) and eligible institutions from 1 Jan 2024 to 31 Dec 2026. Enhancement of Corporate Volunteer Scheme • Expanded to include activities conducted virtually e.g. onli

  27. Slide 27: Write-off of Cost of Acquiring Plant and Machinery

    Write-off of Cost of Acquiring Plant and Machinery Current Claim Capital Allowance (CA) under Section 19 (working life of assets) or Section 19A (i.e. write off over one or three year) of the Income Tax Act Option To claim accelerated CA over two years: a. 75% of the cost in the first year i.e. YA20

  28. Slide 28: Accelerate the Deduction for Renovation or Refurbishment Expenditure (section 14N)

    Accelerate the Deduction for Reduction or Refurbishment Expenditure (section 14N) Current Claim tax deduction under Section 14N of the Income Tax Act over three years. Cap at $300,000 for every relevant period of the three consecutive Yas applies. Option To claim accelerated deduction (100%) over on

  29. Slide 29: Personal Income Tax

    Working Mother Child Relief Personal Lapse of Foreign Domestic Worker Income Tax Levy Tax Relief Grandparent Caregiver Relief COPYRIGHT 2023 © MEDINEX LIMITED

  30. Slide 30: Working Mother Child Relief

    Working Mother Child Relief Mother - Working mother (married, divorced or widowed) - Taxable earned income (trade, employment, vocation & profession) Child - Born to you, step-child or legally adopted and not married - Below age of 16 or studying full-time - Annual income not exceeding $4,000 - No a

  31. Slide 31: Working Mother Child Relief

    Working Mother Child Relief Fixed Dollar Tax Relief - Qualifying children of Singapore Citizens born or adopted on or after 1 January 2024 (YA2025) Percentage of Earned Income (current) - Qualifying children of Singapore Citizens before 1 January 2024 COPYRIGHT 2023 © MEDINEX LIMITED

  32. Slide 32: Working Mother Child Relief

    Working Mother Child Relief Child Order Current New (born or adopted before 1 (born or adopted on Jan 2024) or after 1 Jan 2024) 1st 15% of mother’s earned income $8,000 2nd 20% of mother’s earned income $10,000 3rd and beyond 25% of mother’s earned income $12,000 COPYRIGHT 2023 © MEDINEX LIMITED

  33. Slide 33: Working Mother Child Relief

    Working Mother Child Relief Child Order Current New Earned income of $80,000 (born or adopted on or after 1 Jan 2024) 1st $12,000 $8,000 (15% of mother’s earned income) 2nd $16,000 $10,000 (20% of mother’s earned income) 3rd and beyond $25,000 $12,000 (25% of mother’s earned income) COPYRIGHT 2023 ©

  34. Slide 34: Working Mother Child Relief

    Working Mother Child Relief Cap per child - Total relief (Qualifying Child Relief/Handicap Child Relief/WMCR) is $50,000 Total Relief - All relief claimed should not exceed $80,000 COPYRIGHT 2023 © MEDINEX LIMITED

  35. Slide 35: Working Mother Child Relief

    Working Mother Child Relief Child Order Current WMCR Earned income of $300,000 1st (born 2019) $12,000 $45,000 (15% of mother’s earned income) 2nd (born 2022) $60,000 $50,000 (20% of mother’s earned income) 3rd (born 2024) $12,000 $12,000 Total *total personal relief cap at $80,000 $107,000* COPYRIG

  36. Slide 36: Foreign Domestic Worker Levy Tax Relief

    Foreign Domestic Worker Levy Tax Relief - Introduced in 1989 to support working married women - Tax relief equivalent to twice the total levy paid in the preceding YA Lapse (i.e. discontinued) - Lapse from YA2025 COPYRIGHT 2023 © MEDINEX LIMITED

  37. Slide 37: Grandparent Caregiver Relief

    Grandparent Caregiver Relief Current Working mothers who engage the help of parents, grandparent (including in-laws) to take of their children may claim the GCR. Caregiver must not carrying on any trade, business, profession, vocation or/and employment New Caregiver can carry on any trade, business,

  38. Slide 38: Property Levy: Buyer Stamp Duty

    Property Levy Buyer Stamp Duty COPYRIGHT 2023 © MEDINEX LIMITED

  39. Slide 39: Buyer's Stamp Duty (BSD) Rates (Residential Property)

    Buyer’s Stamp Duty (BSD) Rates (Residential Property) Annual Value Current Annual Value From 15 Feb 2023 First $180,000 1% First $180,000 1% Next $180,000 2% Next $180,000 2% Next $640,000 3% Next $640,000 3% Next $1,000,000 4% Next $500,000 4% Next $1,500,000 5% Amount exceeding 6% $3,000,000 COPYR

  40. Slide 40: Buyer's Stamp Duty (BSD) Rates (Non-residential Property)

    Buyer’s Stamp Duty (BSD) Rates (Non-residential Property) Annual Value Current Annual Value From 15 Feb 2023 First $180,000 1% First $180,000 1% Next $180,000 2% Next $180,000 2% Next $640,000 3% Next $640,000 3% Next $500,000 4% Next $1,500,000 5% COPYRIGHT 2023 © MEDINEX LIMITED

  41. Slide 41: End of Presentation

    Medinex Limited Budget 2023 Seminar End of Presentation COPYRIGHT 2023 © MEDINEX LIMITED

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