| For Singapore to transform successfully
into a knowledge-based economy, the need for continual
training and skills upgrading cannot be over emphasised.
Besides facilitating and providing funding for numerous
training schemes, the Government would also like to
encourage individuals to take the initiative to improve
their skills and knowledge. Currently, a tax deduction
of up to $2,000 is allowed for actual expenses incurred
by individuals in pursuit of further academic and professional
qualifications, or vocational qualifications related
to their business, trade or employment. I have decided
to raise the tax deduction cap to $2,500, to give further
emphasis to the importance of lifelong learning and
skills upgrading. The higher deduction cap of $2,500
will take effect from Year of Assessment 1999. The revenue
loss is estimated to be $4 million. |
