| The Singapore Commodity Exchange
Limited (SICOM), formerly known as the RAS (Rubber Association
of Singapore) Commodity Exchange, was granted a five-year
tax holiday when it was established in 1992. This was
to allow the Exchange to get off to a successful start.
As the Exchange is still in its developmental stage,
I have decided to extend the tax holiday granted to
SICOM for another five years.
In addition to existing income items
which qualify for the tax holiday, I have decided to
exempt from tax new income items which have arisen from
the Exchange's development such as fees for the quality
assurance of physical commodities, registration fees
for Nominated Warehouses, fees for the processing of
applications for Registered Representatives and Associated
Persons, annual subscription fees from Registered Representatives
and Associated Persons, locals membership processing
fees, fees for the processing of leases of seats on
SICOM, and proceeds from the sale of trading permits.
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