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Research spending to increase to S$7.5b per annum by 2010, or 3% of the GDP, with one-third being publicly funded research.
National Research Fund raised by $800 million, bringing it to a total of $1.8 billion.
Tax deductions for R&D in Singapore increased from 100% to 150%.
Companies granted R&D tax allowances each year (up to 50% of the first $300,000 of chargeable income) which can be used to defray incremental expenditure on R&D done in Singapore in subsequent years.
R&D Incentive for Start-Up Enterprises (RISE), will allow R&D losses of at least $150,000 during first year, to be converted into a cash grant of up to about $20,000.
Start-up tax exemption scheme eased to allow exemptions to cover start-ups as long as there is at least one individual shareholder with at least a 10% shareholding.
Equity remuneration scheme eased to allow companies to offer share awards or stock options at least 25% of employees.
Special allowance for companes to write down the costs of fixtures, fittings and installations incurred, over three years.
5% concessionary tax rate will be introduced for income derived from qualifying Shariah-compliant activities, specifically lending, fund management, insurance and reinsurance.
Tax exemption on income from Qualifying Debt Securities to all investors of qualifying Islamic bonds for residents and non-residents, including resident non-individual investors.
Concessionary rate of 10% on income derived from insurance broking and advisory services to offshore clients by licensed insurance and reinsurance brokers.
Concessionary tax rate of 5% or 10% on income from leasing of containers under the Maritime Finance Incentive.
Unilateral tax credit extended to companies on overseas venture extended on all foreign-sourced income in countries with which Singapore does not yet have an Avoidance of Double Taxation Agreement.
Extension till 2013 of Further Tax Deduction scheme for tax deduction on relocation and recruitment expenses to help businesses attract international talent.
Refinement of Not-Ordinarily-Resident scheme,to cover salary and also benefits in kind, for individuals working regionally.
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