| In line with the objective of developing
Singapore into a regional financial market, the SES
has been actively encouraging foreign companies with
the necessary track record to list their shares on the
Exchange in foreign currencies. To further develop the
Exchange into a regional securities trading centre,
I have decided that income earned by banks and merchant
banks from managing initial public offering of foreign
currency denominated shares to be listed on the SES
will be exempt from tax for an initial period of 5 years,
beginning from Year of Assessment 1998.
The tax exemption will enable banks
and financial institutions in Singapore to offer more
competitive terms to foreign companies to list their
shares on SES. This will make Singapore a more attractive
centre for fund raising by international companies. |
