PRWeb
17 May 2008
Hong Kong (PRWEB) May 17, 2008 -- As global economic uncertainties mount, Singapore has developed a comprehensive tax exemption scheme to boost the fortunes of start-up companies in the city state.
Hong Kong-based financial consultancy Zetland reports on its website that starting in 2009 a newly incorporated company that meets specified conditions can claim a full tax exemption on the first 100,000 Singapore dollars (US$73,000) of normal chargeable income. This is in addition to the 50 percent tax exemption given on the next S$200,000, the report says.
Starting in 2008, a partial tax exemption will also be given to companies on income of up to S$300,000.
The moves are an apparent attempt to stimulate economic growth amid concern of a global economic slowdown.
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