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3.52 The services provided by our transport and
logistics industry account for about 8% of GDP
and establish Singapore as a leading centre for
global trade. With intensifying competition from
lower-cost regional centres and changing trade
patterns towards Northeast Asia, we must transform
ourselves into a leading supply-chain management
hub.
3.53 The Approved Marine Hull and Liability Insurer
Scheme currently provides tax exemption for income
derived by approved marine hull and liability
insurers from writing offshore marine hull and
liability insurance business for a period of 10
years. To further encourage the development of
marine insurance expertise in Singapore, I have
decided to extend the Approved Marine Hull and
Liability Insurer Scheme to also cover income
derived from writing onshore marine hull and liability
insurance business with effect from YA 2004.
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