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Singapore Budget 2003 - KPMG's Budget Wish List
1.
Exempt business related foreign income, interest income and offshore
service income.
2.
Reduce current concessionary tax rate of 10% applicable to financial
service entities.
3.
Incentivise companies involved in intellectual properties and biomedical
industries.
4.
Reduce the current withholding tax rate of 15% for interest, royalties
& rental of movable property & 22% for all other service
related payments.
5.
Reintroduce the reduction of stamp duty rates on all chargeable
instruments that lapsed on 31 December 2002.
6.
Extend tax deduction to cover capital restructuring costs.
7.
Allow Industrial Building Allowances on all hotels and industrial
structures.
8.
Tax exemption or reduction of tax for world class performers, sportsmen
and entertainers.
9.
Allow Investment Allowances on new tourist projects.
10.
Increase the amounts of child and wife reliefs.
11.
Extend foreign maid levy to husbands & single women.
12.
Extend enhanced child relief to husband .
13.
Remove deemed interest on director's loans for private exempt companies.
14.
Permit tax deduction of mortgage interest and insurance premium
on owner-occupied property.
15.
Abolish estate duty.
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