Budget Commentary 2009 - Singapore
This commentary provides our Budget analysis on certain tax proposals, including:
- Change in corporate tax rate
- Downturn measures for incentive companies
- Accelerated writing-down allowance for the acquisition of intellectual property rights for media and digital entertainment content
- Enhancement to foreign-sourced income exemption scheme
- New tax framework for qualifying amalgamations
- Financial services
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- Fund management
- Specified income and designated investments lists
- Financial Sector Incentive – Headquarter Services
- Commodity Derivatives Traders incentive
- Tax deduction on loss provisions
- Enhancing the maritime sector
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- Special Risk-Sharing Initiatives
- Extension and enhancement of the Block Transfer Scheme
- Reduction in Singapore port charges
- Increased funding to the Maritime Cluster Fund
- Enhancing the tax depreciation regime
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- Loss carryback relief
- Accelerated tax depreciation
- Tax deductions for renovation and refurbishment expenses
- Enhancing start-up tax exemption scheme
- Tax deduction on donations
- Goods and Services Tax
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- Recovery of input GST on expenses for qualifying local funds
- Zero-rating for the aerospace industry
- Suspension of GST and duty on goods temporarily removed from zero-GST or licensed warehouses for auctions and exhibitions
- Exemption of GST and duty for wines used at wine exhibitions and conference events
- PricewaterhouseCoopers thought leadership articles