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The corporate tax rate is cut by two percentage points to 18%.
All borrowing costs that are akin to interest and that will include certain guarantee fees and bond discounts, will qualify as tax-deductible expenses.
The Partial Tax Exemption threshold for companies will now be $300,000. This will benefit SMEs and almost 80% of taxable companies in Singapore will pay tax at effective rates of less than 10%.
SMEs will also enjoy a rebate on their labour expenses for two years and Start-ups will enjoy full tax exemption for three years.
Second tier foreign worker levy for the manufacturing and services sectors lowered from $310 to $280 with effect from April 2007.
Stamp duty relief extended to unlimited companies and Limited Liability Partnerships (LLPs) where all the partners are companies, and Statutory Boards.
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