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3.44 I have explained earlier the importance
of competitively priced industrial land for attracting
manufacturing investments. Currently, tax deductions
are granted for the upfront land premium paid
by a lessee in respect of a designated lease for
the construction or use of a building on JTC or
HDB industrial land provided the lease tenure
is not more than 30 years. This restriction was
imposed at a time when it was unlikely for lessees
to have upfront premium scheme terms exceeding
30 years for an industrial land.
3.45 To encourage companies to undertake investments
in Singapore over longer periods, I have decided
to extend the current 30-year lease tenure restriction
to a 60-year limit with effect from YA 2004.
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