Singapore Unveils Measures to Stimulate Electronics Industry
February 24, 2006
The Singapore government recently unveiled its budget plan for 2006 containing a new tax break for the domestic electronics industry. The new measure would eliminate a 5% tax currently being levied on equipment imported into Singapore for use in production earmarked for overseas markets, with the measure to go into effect on April 1. Companies such as United Microelectronics and Chartered Semiconductor are likely to benefit from the tax break. Furthermore, the budget also calls for US$306 million to be invested in a project aimed at developing emerging technologies and intellectual property assets, which is to be directed by the National Research Foundation, with a long-term goal of raising the investment amount to US$3 billion by 2011.