In his budget speech for the Financial Year 2009, Singapore's Minister for Finance, Tharman Shanmugaratnam, has pledged to ease the territory's tax burden with a host of new tax measures targeting individuals and businesses, including a 1% cut in corporate tax.
Amongst the tax changes announced by the Minister in Parliament on January 22, was a promise that the country's corporate income tax rate will be reduced from 18% to 17% to help maintain Singapore's competitiveness, a move which will be effective from the 2009/2010 tax year, commencing in April.
The implementation of these new taxes will further close the gap between Singapore and Hong Kong, which has a corporate tax rate of 16.5%.
The Minster also announced that the government will implement a major fiscal package in response to the country's current employment crisis.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment