| |
Transfer
$100m to increase Medifund to $900m. |
| |
| |
Exempt
leases with annual rents not exceeding $1,000
from stamp duty from 1 Apr 2003. |
| |
| |
Exempt
from tax interest from amounts exceeding the
first $100,000 in each of an individual's
standard savings, current and fixed deposit
accounts from YA 2004. The full amount of
interest from such deposits will be exempted
from YA 2006. |
| |
| |
Enhancing
Workers' Employability |
| |
| - |
Transfer $500m
to increase the Lifelong Learning Fund
to $1.5b. |
|
| |
| - |
Enhance course
fee relief from $2,500 to $3,500 and
expand its scope to seminars, conferences,
as well as courses not directly related
to one's current profession from 1 Jan
2003. |
|
| |
| - |
Establish a statutory
board for Continuing Education and Training
to coordinate training and employment
assistance efforts for workers. |
|
| |
Supporting Pro-Family
Practices |
| |
| - |
Exempt from tax
employer-subsidised childcare benefits
paid to licensed childcare centres from
YA 2004. |
|
| |
| |
Cutting Business
Costs |
| |
| - |
Grant new property
tax rebate of $2,000 plus 15% on the
balance of property tax payable for
commercial and industrial properties
for period between 1 Jul and 31 Dec
2003. |
|
| |
| - |
Extend JTC/HDB/ENV/SLA
rental rebates for commercial and industrial
tenants and lessees till end of 2003. |
|
| |
| - |
Fix excise duties
on petrol at current reduced rates.
Remove ad valorem component in duty
structure. |
|
| |
| - |
Extend the Foreign
Worker Levy reduction for another 6
months till end 2003. |
|
| |
| - |
Extend reduction
in diesel tax for taxis by 6 months
till end 2003. |
|
| |
Helping Companies
Go Global |
| |
| - |
Exempt from tax
foreign income in the form of dividends,
branch profits and services income from
1 Jun 2003 from jurisdictions with headline
tax rates of at least 15%. |
|
| |
| - |
Allow companies
to defer their income taxes for 2 years
if their approved overseas investment,
made from 1 Jan 2004, incurs operating
losses during the first 3 years. |
|
| |
Enhancing Labour
Market Flexibility |
| |
| - |
Introduce portable
medical benefits |
|
 |
With effect
from 1 Apr 2004, employers who
implement the Portable Medical
Benefits Scheme(PMBS) or the Transferable
Medical Insurance Scheme(TMIS)
can continue to deduct up to 2%
of total payroll for medical expenses.
Otherwise, they can only deduct
1% of their total payroll. |
|
| |
|
Raise tax
exemption limit for additional
Medisave contributions for private
sector employees from the present
1% of an employee's monthly salary
to a lump-sum of $1,500 per year
from YA 2004. |
|
|
| |
Fostering Entrepreneurship |
| |
| - |
Minister of State
for Trade and Industry, Raymond Lim,
will lead the Entrepreneurship 21 Ministerial
Committee. |
|
| |
| - |
Subject non-core
government services to market-testing. |
|
| |
| - |
Divest statutory
board companies in non-strategic areas
where the private sector can function
just as efficiently, beginning with
PSB Corp, Ascendas and Hdbay. |
|
| |
| - |
Review and streamline
government procedures and rules by end
of FY 2004, and every 5 years after
that. |
|
| |
Growing Manufacturing
and Services |
| |
| - |
DPM Lee Hsien
Loong will lead a Ministerial Committee
on Services. |
|
| |
| - |
Promote private
wealth management. Measures include
exempting from income tax foreign trusts
administered by all trust companies
from YA 2004. |
|
| |
| - |
Allow approved
companies to claim capital allowances
on equipment used by subsidiaries outside
Singapore from 1 Mar 2003. |
|
| |
| - |
Extend lease tenure
restriction of the tax deduction for
upfront land premium from 30 to 60 years
from YA 2004. |
|
| |
| - |
Introduce a scheme
to facilitate GST administration of
qualifying third party logistics companies
from 1 Jan 2004. |
|
| |
| - |
Enhance and expand
the Global Trader Programme with immediate
effect. |
|
| |
| - |
Exempt withholding
tax on payments for use of capacity
on submarine cables operated by non-resident
persons with immediate effect. |
|
| |
| - |
Grant writing-down
allowance for payments for purchase
of Indefeasible Rights of Use on submarine
cable system over its useful life from
YA 2004. |
|
| |
| - |
Extend Approved
Marine Hull and Liability Insurer Scheme
to cover income derived from writing
onshore marine hull and liability insurance
business from YA 2004. |
|
| |
Making Singapore
an Intellectual Property Hub |
| |
| - |
Extend Unilateral
Tax Credit Scheme to royalties remitted
from non-treaty countries from YA 2004.
|
|
| |
| - |
Grant automatic
writing-down allowances over a 5-year
period for capital expenditure incurred
in the acquisition of IP from 1 Nov
2003. |
|
| |
| - |
Give tax deductions
for costs of patenting incurred from
1 Jun 2003. |
|
| |
| - |
Exempt from tax
foreign sourced royalties and interest
used for R&D purposes from 1 Jun 2003. |
|
| |
| - |
Exempt from withholding
tax payments made by end-users to non-resident
persons for online information and digitised
goods with immediate effect. |
|
| |
| |
Rationalising
Liquor Taxes |
| |
| - |
Adjust selected
liquor duty rates with immediate effect. |
|
| |
Discouraging
Smoking |
| |
| - |
Increase excise
duties on all tobacco products with
immediate effect. |
|
| |
| - |
Tax cigarettes
by sticks, instead of by weight, from
1 Jul 2003. |
|
| |
| - |
Reduce amount
of tobacco products that can be brought
in by individuals without a permit from
2 kg to 400g, from 1 Apr 2003. |
|
| |
Lowering Car
Ownership Costs |
| |
| - |
Change the basis
for valuing motor vehicles from 1 Apr
2003. |
|
| |
Promoting Philanthropy |
| |
| - |
Grant tax deductions
for donations of buildings and parcels
of land made to Institutions of a Public
Character (IPCs) from 1 Apr 2003. |
|
| |
| - |
Exempt IPCs from
stamp duty on donations received with
immediate effect. |
|
| |
| - |
Enhance Public
Sculpture Donation Scheme from 1 Jul
2003. |
|
| |
