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Budget 1996
PART I: REVIEW OF THE ECONOMY
Economic Performance In 1995
Outlook For 1996
Medium-Term Growth Outlook
Meeting Future Challenges
Role Of Fiscal Policy
Conclusion
PART II: THE FY96 BUDGET
Expenditure Policy
The FY96 Expenditure Estimates
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Operating Expenditure
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Development Expenditure
Management and Control Of Government Expenditure
Part III: REVENUE AND TAX CHANGES
Tax Changes For Companies
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Corporate Income Tax
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Development and Expansion Incentive
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Investment Allowance Incentive (IA) for Water Recycling Plant
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Tax Deduction for General Provisions of Finance Companies
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First Year Depreciation for Highly Efficient Pollution Control and Energy-Efficient Equipment
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Reduction of Withholding Tax Rates
Tax Changes For Individuals
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Personal Income Tax
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Tax Relief for National Servicemen
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Rebates on HDB Service and Conservancy and Rental Charges
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Rebates on Public Utilities Bill
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CPF Medisave Top-Up Scheme
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Pre-Medisave Top-Up Scheme
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CPF Share Ownership Top-Up Scheme (SOTUS)
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Second Offering of Singapore Telecom Shares
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Income Tax on Net Annual Values of Residential Properties
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Estate Duty
Other Tax Changes
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Reduction in Property Tax
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Stamp Duty on Property Transfer
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Stamp Duty on Leases
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Rationalisation of Instruments Subject to Stamp Duty
Conclusion
ANNEXES
ANNEX I: Accelerated Depreciation Allowance To Approved Energy-Efficient Equipment And Technology
ANNEX II: Accelerated Depreciation Allowance To Approved Highly Efficient Pollution Control Equipment
ANNEX III: Reduction In Personal Income Tax Rates With Effect From Year Of Assessment 1997
ANNEX IV: Stamp Duty Rates On Leases
ANNEX V: Stamp Duties To Be Abolished
Budget Speech 1996
ANNEX IV:
Stamp Duty Rates On Leases
Average annual rent
Lease period less than 1 year
Lease period more than 1, but less than 3 years
Lease period more than 3 years
Less than $500
$2.00 (equiv. to 0.4% of annual rental)
$4.00 (equiv. to 0.8% of annual rental)
$8.00 (equiv. to 1.6% of annual rental)
More than $500, for every $250 or part there of
$1.00 (equiv. to 0.4% of annual rental)
$2.00 (equiv. to 0.8% of annual rental)
$4.00 (equiv. to 1.6% of annual rental)
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