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3.55 International trading is a highly mobile
and tax-sensitive industry. Although Singapore
has flourished as a regional trade hub, we are
neither key producers nor consumers. Instead we
have leveraged on the presence of international
trading companies to build up our global reach.
As countries around us develop their own infrastructure
and networks, Singapore will face stiffer competition.
3.56 The Global Trader Programme (GTP) now offers
a 10% concessionary tax rate on all qualifying
trade income. I have decided to enhance and expand
the GTP with immediate effect. Under the enhanced
scheme, an approved global trading company would
be granted concessionary tax rates of 5% and 10%
on qualifying offshore trade incomes, depending
on the company's turnover and business spending.
In addition, the GTP will be expanded to include
high-growth, medium-sized trading companies. This
will give a further boost to Singapore's status
as an international trading centre.
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