Budget Commentary 2009 - Singapore

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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
• • 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
• • 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
• • Loss carryback relief
  • Accelerated tax depreciation
  • Tax deductions for renovation and refurbishment expenses

• Enhancing start-up tax exemption scheme

• Personal tax rebate

• Tax deduction on donations

• Goods and Services Tax
• • 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

• 2008 in retrospect

• 2008 in snapshot

• PricewaterhouseCoopers thought leadership articles

• Appendices