| ACUs and Approved Securities Companies
(ASCs) currently enjoy a concessionary rate of tax of
10 per cent on income earned from the trading of foreign
currency denominated shares. We need to ensure a certain
degree of liquidity in the trading of foreign currency
shares if we are to attract foreign companies to list
their shares in Singapore. To encourage the trading
of foreign currency shares, I have decided to fully
exempt from tax income earned by ACUs and ASCs from
the trading of foreign currency denominated shares which
are listed on SES. The exemption will be granted for
a period of 5 years with effect from Year of Assessment
1998. |
