Manufacturers in Singapore are calling on the government to reduce tax rates for both businesses and individuals as Minster of Finance Lee Hsien Loong prepares to deliver his budget speech on February 28.
The Singapore Manufacturers Association is urging the government to reduce the corporate tax rate by 2% to 20% as an incentive to firms who may be considering relocating to other Asian economies. The SMA is also calling for personal income tax rates to be brought in line with company rates.
Other measures the SMA would like Lee to act upon include a reduction in the foreign workers' levy and more incentives allowing greater cooperation between industry and research bodies.
Some of the key measures in last year’s budget included the exemption from tax of all foreign income remitted into Singapore in the form of dividends, branch profits and services income. Additionally, interest paid to individuals into domestic savings, current and fixed deposit accounts was made exempt from tax.
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