Many expatriates continue to contribute to an overseas private pension fund while on assignments. We have to be competitive to attract talented individuals to Singapore. Many countries such as Ireland, UK and Hong Kong already give tax concessions to individuals on the contribution to overseas pension funds.
If Singapore has an attractive tax framework, these individuals will be attracted to Singapore and this has positive spin-offs to Singapore especially in terms of job creation and economic growth.
There are changes to the concession with effect from YA 2009. The information in this section relates to the revised scheme. Refer to
IRAS' website for information on the old scheme.