Singapore has announced a series of tax measures aimed at helping ailing companies through the economic downturn. Deputy Prime Minister Lee Hsien Loong announced the country's second tax package this year, worth around $11.3 billion, in parliament on October 12 2001. The package includes rebates for individuals and corporations as well as property rebates and a reduction in stamp duty rates. Announcing the measures Lee explained: ?We want to encourage enterprise, because the way to recover is for the private sector to create new opportunities and generate more wealth. We also want to reduce business costs so that business can stay afloat and minimise job losses.?
November 01 2001