Friday, 23 January 2009 08:00
The measures will include a 40 per cent tax rebate for industrial and commercial properties, costing the government some S$800 million.
Mr Tharman said Singapore’s JTC Corporation, Housing and Development Board (HDB) and Singapore Land Authority (SLA) will pay a 15 per cent rental rebate to their tenants and land lessees.
To help developers, the government will allow a one—year extension of the project completion period for private residential projects.
It will also allow the reassignment of government sale sites and private land owned by foreign developers.
An enhanced "loss carry—back" system for Year of Assessment 2009 and 2010 will also allow companies to get a cash refund on taxes paid in previous years.
All foreign—sourced income earned before January 21, 2009, will be tax—exempted.
To further help companies with their cash flow, goods vehicles, buses and taxis will get a 30 per cent road tax rebate for a year.
The Special Diesel Tax is also waived for a year for unhired taxis.